Pink's Bottom Line on Media, Money and Sports
Rebranding regional sports networks, the housing market and new NFC frontrunners
In today’s newsletter, I discuss the rebranding of regional sports networks, the housing market and new frontrunners in the NFC.
MEDIA: Bally’s and Sinclair
In another sign of the growing acceptance of sports gambling in the United States, Sinclair Broadcasting, owner of 21 regional Fox Sports Networks, will rebrand those networks as Bally Sports.
That’s after Bally’s, a large casino operator, announced a partnership with Sinclair, a large local and regional broadcaster, on Wednesday.
Pink's Bottom Line
The deal between the two underscores just how important sports betting has become to both the broadcasting and gambling industries.
As sports betting regulations are relaxed further across the country — right now, sports betting is legal in some states, but not all — look for similar deals to emerge between content providers and casinos.
I also suspect that big tech might emerge as a wildcard and could become a serious player in both sports content and sports gambling.
MONEY: Home Sales and Prices
The housing market is still steaming ahead, according to a report from the National Association of Realtors (NAR) released earlier today.
Sales of existing homes rose 4.3% in October, compared to September, and surged 26.6% compared to October of 2019, according to that report.
The median price of an existing home also increased sharply, up about 16% to $313,000 in October compared to the same month a year ago, according to NAR.
Pink's Bottom Line
Those higher prices, while indicative of an overall strong housing market, might have other implications — they suggest potential buyers at housing’s lower end could get priced out of the market.
First-time homebuyers — those likely to purchase lower priced homes — accounted for roughly the same percentage of overall sales in October as they did in September, according to NAR.
However, it bears watching in subsequent months to see whether any signs emerge to show that some buyers are indeed getting priced out the market.
SPORTS: NFC Up for Grabs
As we kick off Week 11 of the NFL season tonight, there doesn’t appear to be any clear favorite to win the NFC — the conference is wide open right now.
By contrast, in the AFC, the Pittsburgh Steelers and the Kansas City Chiefs, the defending Super Bowl champs, are on a collision course to meet in their conference championship.
Pink's Bottom Line
Until a week ago, the New Orleans Saints were emerging as frontrunners in the NFC, but then quarterback Drew Brees left the game with the San Francisco 49ers last Sunday due to injury. It’s unclear exactly when Brees will return.
That leaves the Green Bay Packers, the Tampa Bay Buccaneers or one of three teams in the NFC West as the new frontrunners.
At this stage, I like the Green Bay Packers to win the conference and represent the NFC in the Super Bowl.
Quarterback Aaron Rodgers is having a great season, and the Packers only play two teams with winning records — the Indianapolis Colts and the Tennessee Titans — the rest of the regular season.
Jeremy Pink currently serves as an advisor to companies in media and financial tech. He is former CEO of private-equity backed Broadcast Sports International where he helped lead the company to a successful sale and exit during his tenure there. Jeremy is also a former CNBC television executive in New York, London and Singapore.
The information contained in this communication is strictly for general informational and entertainment purposes and is not meant to be construed as financial, investment, tax, or legal advice. This communication is not a solicitation to buy or sell any securities. I am not a financial advisor or offering professional advice of any kind. Users should not act upon the content or information found within this communication without first seeking professional advice appropriate for their individual situation. Decisions based on information contained in this communication are the sole responsibility of the user, and use of this communication and its contents constitutes an explicit understanding and acceptance of the foregoing disclaimers.
(Newsletter Editor: Karina Pink)