Pink's Bottom Line on Media, Money and Sports
Public relations, bankruptcies and a quarterback league
I discuss Tesla, small business and NFL quarterbacks among other items in today’s newsletter. I hope you enjoy it.
MEDIA: Tesla Disbands PR Team
Electric carmaker Tesla reportedly will disband its global public relations team, according to Electrek, a digital publication that provides news and information on the electric car industry.
As most are aware, the public relations department of a company, and in particular a public company like Tesla, is often the first place reporters will turn for information about that company.
Pink's Bottom LineTesla is a very high profile public company, and the dissolution of its public relations department sets a worrying example in this country.
Access to information about public companies like Tesla is crucial for shareholders and investors in addition to journalists.
Without a public relations function, access to that information potentially becomes more difficult to obtain and less timely to receive.
MONEY: Bankruptcies Climb
There’s another sign of just how deep and vicious this current recession has become —more businesses are filing for bankruptcies, according to data from Epiq, a legal services firm.
In September alone, Epiq says bankruptcy filings soared 78% compared to September of last year. For all of 2020 so far, bankruptcy filings are up 33% compared to 2019.
Pink's Bottom LineThese bankruptcy filings are primarily being done by small businesses, according to Epiq.
That is very concerning as small businesses account for nearly half of all private sector employment in the United States, according to the Small Business Administration.
Unless small businesses find a way to rebound quickly, the overall US economy will struggle to make a meaningful recovery.
SPORTS: NFL Season
With the NFL season essentially finished with one-quarter of its regular season, it looks like the Kansas City Chiefs have emerged as clear Super Bowl favorites, according to FanDuel Sportsbook.
The Chiefs are +380 to win the Super Bowl in February, followed by Baltimore (+600), Seattle (+800) and Green Bay (+1100), according to FanDuel Sportsbook.
(Note: For those unfamiliar with sports betting, here’s what that +380 for Kansas City means. For every $100 wagered on the Chiefs to win the Super Bowl, a bettor would win $380 if Kansas City won the title. It’s equivalent to 3.8 to 1 odds.)
Pink's Bottom LineThose odds are hardly surprising as all four teams are unbeaten this season with 4-0 records.
It’s interesting to note also these are the teams that have arguably the four best quarterbacks in the league: Patrick Mahomes of Kansas City, Lamar Jackson of Baltimore, Russell Wilson of Seattle and Aaron Rodgers of Green Bay.
It proves yet again that the NFL is a quarterback league.
Jeremy Pink is former CEO of private-equity backed Broadcast Sports International where he led the company to a successful sale and exit during his tenure there. He is also a former CNBC television executive in New York, London and Singapore. Jeremy currently serves as an advisor, consultant or board member to companies in New York, London, Hong Kong and Dubai in the media, technology, sports and financial tech sectors.
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.