Pink's Bottom Line on Media, Money and Sports

The New York Times, the global economy and the US Open men's golf tournament

I talk about the New York Times, the global economy and the US Open men’s golf tournament in today’s newsletter.

MEDIA: New York Times CEO Sees Opportunity

Meredith Kopit Levien, the new CEO of The New York Times Company, said that the company sees “a really big market opportunity.”

Levien made those comments at the 29th annual Goldman Sachs Communacopia Conference, which features presentations from and interviews with many top media companies in the United States. The conference is being held virtually this year.

“We think there is at least 100 million people over the next ten years who will pay for journalism,” Levien also said at the conference.

“I think that probably divides half of them in the United States, half of them out around the rest of the world. And, at 6.5 million subscribers, we’re at what, 6% of that market,” she said.

(Full disclosure: I found the comments from Levien on Aiera, an event access and data monitoring platform company, where I serve as an advisor.)

Pink's Bottom Line

While many sectors of media struggle, The New York Times demonstrates strength and sees more growth in its future.

As the negative impact from the coronavirus on many media companies persists, I will monitor which other media firms are also seeing opportunities like The New York Times.

MONEY: OECD Outlook

The Organization for Economic Cooperation and Development (OECD) released its interim economic assessment today, and it’s not a rosy picture as you might expect.

The OECD projects global economic growth to decline 4.5% in 2020 though it does expect the global economy to recover a bit and grow 5% next year.

The OECD says that without many countries’ swift fiscal policy actions in response to the coronavirus pandemic this year, the global economy would have fared even worse.

Pink's Bottom Line

The OECD forecasts the growth of G20 economies to be 5.7% in 2021, above the global average of 5%. (Note: The G20 is a group that represents 20 large economies around the world, including the European Union.) The performance of the major economies will undoubtedly serve as a leading indicator of the recovery of the overall global economy.

Also, I will closely monitor consumer spending across all economies — large and small— as the OECD said that the economies that suffered the steepest declines in GDP were the ones that suffered the steepest declines in household consumption.

SPORTS: US Open Golf

Amid the season opening games in the NFL and the drama in the NBA playoffs, I almost forgot that the US Open men’s golf tournament begins tomorrow at Winged Foot Golf Club in Mamaroneck, a suburb of New York City.

As I mentioned in an earlier newsletter, I like world number one Dustin Johnson’s chances best to win the US Open, which would be the second major of his career.

However, there is one other player that I would watch in this year’s tournament who I suspect might end up near or at the top of the leaderboard — that’s Bryson DeChambeau.

Pink's Bottom Line

For those who don’t know much about DeChambeau, he’s considered a mad scientist of sorts in the golf world.

DeChambeau, 26, uses single-length clubs — players generally use clubs of multiple lengths, e.g., a driver is a different length than a five-iron. He also bulked up in the past year, gained a lot of weight, changed his swing and he has become one of the longest drivers on the tour.

While he has struggled a bit lately, he did tie for fourth at the PGA Championship, the year’s first major, and also won a tournament in June. I suspect that he’s primed for a strong performance this week.

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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 executive in New York, London and Singapore. He currently serves as an advisor to companies in media, technology, sports and financial tech.

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.