Pink's Bottom Line on Media, Money and Sports
Axel Springer buys Politico, a new GDP estimate and NFL star quarterback Lamar Jackson of the Baltimore Ravens
In today’s newsletter, I discuss Axel Springer’s plans to buy Politico, a new GDP estimate and NFL star quarterback Lamar Jackson of the Baltimore Ravens.
MEDIA: Axel Springer Buys Politico
Axel Springer, a German media company that also owns US digital media businesses, reportedly will buy Politico, a leading political news media company.
According to The Wall Street Journal, the purchase price for Politico is more than $1 billion.
Axel Springer owns German newspapers, and it also owns US digital media companies Insider and Morning Brew.
Pink's Bottom LineNotably, the Axel Springer-Politico deal comes on the heels of another similar deal between a more traditional media company and a digital firm.
Look for more purchases of digital media companies — expect both big media and big tech to make those acquisitions.
MONEY: GDP Estimate
The government today released its second estimate of GDP growth in the second quarter.
It reported that the nation’s economy grew 6.6% last quarter, a bit higher than its original estimate of 6.5%. (Note: GDP growth was 6.3% in the fist quarter.)
Pink's Bottom LineStrong Personal Consumer Expenditures (PCE), which is a good proxy for consumer spending, in part led to that slightly higher revised economic growth number last quarter.
Consumer spending, which accounts for roughly two-thirds of all economic activity in the United States, will need to remain robust in order for the economy to show sustained strong growth.
The spread of the Delta variant, though, could put a crimp on consumer spending, which likely means slower GDP growth in the second half of the year.
SPORTS: Lamar Jackson
The Ravens are led by star quarterback Lamar Jackson, who looks poised to have another terrific season this year.
Pink's Bottom LineAccording to FanDuel Sportsbook, Jackson is tied with Dallas quarterback Dak Prescott at +1700 as the fifth favorite to win the NFL league MVP award this year.
The Ravens are loaded — both on offense and defense — and Jackson should be able to lead his team to the top seed in the AFC this year.
As such, I suspect that Jackson, who was the NFL MVP in 2019, will emerge along with Kansas City quarterback Patrick Mahomes as the two players vying for the MVP award this season.
Jeremy Pink is currently COO of Geniecast, a leading virtual content and experience company. He is the 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. He 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)