Pink's Bottom Line on Media, Money and Sports

Mainstream news media, gas prices and horse racing

In today’s newsletter, I discuss news outlets that consumers consider mainstream media, rising gasoline prices and the sad state of horse racing in the United States.

MEDIA: Mainstream News Media

ABC, CNN, Fox News, MSNBC, The New York Times and The Wall Street Journal are considered by the majority of consumers as mainstream news media, according to a recent survey by the Pew Research Center.

For some background, mainstream media is generally assumed to refer to established, widely available news outlets in the country.

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Notably, Democrats and Republicans are essentially in agreement about which news outlets are considered mainstream media, according to that survey.

For example, 86% of Republicans and 89% of Democrats surveyed considered CNN as mainstream media while 75% of Republicans and 72% of Democrats surveyed considered Fox News as mainstream.

As such, partisan differences, which permeate just about everything in today’s society, don’t seem to apply at least when it comes to the definition of mainstream media.

MONEY: Gas Prices

Gas prices rose last week, up six cents to $2.96 for a gallon of regular gasoline, according to AAA — that’s the highest average price in six-and-a-half years.

Oil prices, which determine gas prices, rose last week, partially in response to the shutdown of the Colonial Pipeline, which had to shut down temporarily because of cyberattacks.

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In any case, prices that American consumers have been paying at the pump had been climbing steadily before the supply disruption of the Colonial Pipeline.

It now looks very possible that the nationwide average price of a gallon of regular gasoline could jump to $3 before the start of traditional summer driving season.

That higher gas price is yet another sign of meaningful inflation, which appears to be taking hold across the board in the United States.

SPORTS: Horse Racing

The Preakness Stakes, the second leg of the Triple Crown of horse racing, will be run this Saturday under a cloud hovering above the sport.

That’s because Medina Spirit, winner of the Kentucky Derby, the first leg of the Triple Crown, failed a postrace drug test and now could be stripped of that Derby victory.

The Derby’s second place finisher, Mandaloun, will be crowned the Kentucky Derby winner if Medina Spirit is disqualified.

However, if Mandaloun does get credit for the Derby win, there will be no possibility for a Triple Crown winner since he is not running in the Preakness.

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All in all, it’s a mess for horse racing in America, which already had been fading in popularity in the United States.

It’s a shame as this year’s Kentucky Derby attracted a large television audience, and looked to be generating a much needed boost to the sport.

While Medina Spirit’s team is appealing that failed drug test, unless that appeal is successful, horse racing just might have been dealt a blow from which it might not recover for many years.

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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)