Pink's Bottom Line on Media, Money and Sports
Nexstar buys The Hill, investing in Bitcoin and favorites for NBA Rookie of the Year this season
In today’s newsletter, I discuss Nexstar’s acquisition of The Hill, investing in Bitcoin and favorites for NBA Rookie of the Year this season.
MEDIA: Nexstar Buys The Hill
Nexstar, a media company that owns 199 local television stations around the country among other assets, said Friday that will acquire The Hill, a political news digital media company.
Nexstar said it acquired the The Hill for $130 million, and the company said the the acquisition “is expected to be immediately accretive to Nexstar’s operating results.”
Pink's Bottom LineNotably, Nexstar also owns the cable television network NewsNation, which formerly was WGN America — NewsNation is a national 24-hour cable news channel.
As such, NewsNation will now have the ability to use content from The Hill in addition to the content from the local television stations that Nexstar owns.
It is an interesting purchase for Nexstar as it looks to grow its national presence, and it also might lead to more consolidation overall among traditional media companies and digital media firms.
MONEY: Investing in Bitcoin
The price of Bitcoin has resumed its upward climb in recent weeks, and that price rise is likely creating interest among individual investors about how to invest in the cryptocurrency.
Currently, most investors buy Bitcoin directly — not via a different vehicle like an exchange-traded fund or a mutual fund, for example.
However on Friday, there were two notable SEC filings that suggest that might be changing. (Note: I want to give a h/t to Coindesk, a leading digital publication on cryptocurrencies, where I first read about these filings.)
Pink's Bottom LineIn one SEC filing, the Neuberger Berman Commodity Strategy Fund says that it will now have the ability to invest up to 5% of its assets in Bitcoin futures.
In a second SEC filing, investment firm AdvisorShares applied to start its own Bitcoin investment product that invests in Bitcoin futures.
As such, these two filings would potentially allow more individual investors to put money in to Bitcoin related investments via Bitcoin futures — that, in turn, indicates Bitcoin related investing overall could go more mainstream.
SPORTS: Favorites for NBA Rookie of the Year
The top selections in this year’s NBA draft remain the favorites to win the NBA Rookie of the Year award this season.
Pink's Bottom LineHowever, one unheralded player, Alperen Sengun, the 16th pick in this year’s draft by the Houston Rockets, has emerged as the sixth favorite to become Rookie of the Year, according to FanDuel Sports.
Sengun, 19, is from Turkey, and for the last two seasons, he played in his country’s top professional league, where he was named MVP last season.
Sengun played very well in the NBA’s just concluded Summer League, and it looks like he just might emerge as a top young star in the NBA 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)