Weekly Recap: Pink's Bottom Line on Media, Money and Sports
Key items and takeaways from this week's newsletter
Here are key items and takeaways from this week’s newsletter. I hope everyone has a great weekend.
MEDIA
Google says it will invest $1 billion in news partnerships with global publishers over the next three years as part of a new product called Google News Showcase. While that $1 billion will provide a needed boost in revenue to the news business, it won’t be nearly enough to make a meaningful long-term difference considering the size, scale and scope of the global news industry.
There’s more evidence that the pandemic has become a dramatic accelerant in the overall decline of the movie theater business. Cineworld, the world’s second biggest movie chain, says it will temporarily shut down its theaters in the United States and the UK. Meanwhile, US domestic box office revenue continues its staggering decline.
For all the talk about the demise of all types of radio, SiriusXM, the satellite subscription radio service, appears to be weathering the onslaught of podcasting and music streaming services as well as the negative economic impact of the coronavirus pandemic.
MONEY
The middle of October looks like it could be a good time for consumers to shop for potential bargains this holiday season. Target says it will offer its Deal Days promotion on October 13 and 14 — the same days that Amazon is holding its Prime Day sale this year. Here’s what it all means for Black Friday, the traditional post-Thanksgiving start to the holiday shopping season.
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. More worryingly, these bankruptcy filings are primarily being done by small businesses, according to Epiq.
Real estate firm Redfin said housing prices rose 14% for the four weeks ending September 27 compared to the same period last year, echoing other mostly positive recent public and private reports on the housing market. One interesting item from the Redfin report jumped out at me — both buyers and sellers say now might not be as good of a time to sell a home as it’s been recently.
SPORTS
An entire men’s French professional basketball team tested positive for coronavirus this week. While that’s a sobering development in overseas professional basketball, it contrasts with just how successful the NBA bubble and its protocols have been.
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, followed by the Baltimore Ravens, Seattle Seahawks and Green Bay Packers. All four of these top teams share a common attribute — a great quarterback.
There’s an emerging sports star who is shining brighter than ever in Seattle. It’s Breanna Stewart, a third-year WNBA player, who this week led the Seattle Storm, along with veteran teammate Sue Bird, to their second WNBA title in three years.
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.
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