This week brought a record-setting Miami Dolphins minority sale, strong early momentum for MLB’s World Baseball Classic, and several strategic moves from Netflix - together highlighting continued demand for sports assets, expanding global reach, and shifting media strategy.
Minority Stake Sales Accelerate
A series of minority stake transactions across the NFL, NHL, MLS, and MLB this week underscore continued support of franchise valuations.
Miami Dolphins Minority Stake Sold at $12.5B Valuation
Lin Bin, co-founder and vice chairman of Xiaomi, has agreed to purchase a 1% stake in the holding company that owns the Miami Dolphins, Hard Rock Stadium, the Formula 1 Miami Grand Prix, and part of the Miami Open at a $12.5 billion valuation, setting a record for a publicly known NFL minority transaction. The average NFL franchise is now worth $7.13 billion, up 20% year-over-year.
Carolina Hurricanes Sell 12.5% at $2.66B Valuation
Hurricanes owner Tom Dundon has agreed to sell a 12.5% stake in the franchise at a $2.66 billion valuation, among the highest marks ever for an NHL transaction. The sale includes three new minority partners. Dundon purchased the team in 2018 for $420 million; since then, the franchise has posted seven consecutive playoff appearances, sold out 117 straight games entering this season, and increased season-ticket revenue 227%.
LAFC Minority Sale at $1.25B Valuation
LAFC completed a 6% minority stake sale at a $1.25 billion valuation, one of the highest prices ever for an MLS stake transaction. The investor group includes Carlos Vela, one of the club’s all-time leading scorers and most recognizable players, who returns to LAFC as an owner following his retirement. The club generated $158 million in revenue in 2025 and ranks No. 2 in MLS enterprise value at $1.4 billion. The transaction comes amid a broader wave of MLS stake activity, including capital raises in Seattle, Columbus, and Austin.
Padres Sale Process Draws Multiple High-Profile Bidders
The San Diego Padres’ sale process has attracted at least five bidding groups, including Warriors owner Joe Lacob, Dan Friedkin, Jose Feliciano, and a group involving Drew Brees. The deal is widely expected to surpass MLB’s current record of $2.4 billion set by the Mets in 2020. The Padres drew 3.43 million fans in 2025, second in MLB, as franchise scarcity and rising league-wide attendance continue to support elevated valuations.
MLB Expands Globally While Diversifying Revenue Streams
Major League Baseball is leaning into international competition as a commercial growth engine while continuing to strengthen off-field revenue through mixed-use development and media control.
Record MLB Star Participation Fuels Viewership and Engagement
A record 78 MLB All-Stars - including 36 from the 2025 All-Star Game and headlined by Shohei Ohtani, Aaron Judge, Juan Soto, and Vladimir Guerrero Jr. - are competing in the 2026 World Baseball Classic, contributing to heightened global interest and audience engagement. Early viewership data show Team USA’s opening game against Brazil averaged 2.64 million viewers on FOX, making it the most-watched sports event on any network that night, and their 9-1 win over Great Britain drew 2.98 million viewers, the most-watched non-final WBC telecast ever - up 101% versus the 2023 matchup between the same teams.
World Baseball Classic Emerges as Centerpiece of Asia Growth Strategy
MLB executives cited triple-digit commercial growth across all categories ahead of the 2026 World Baseball Classic in Tokyo, positioning the tournament as a core driver of the league’s Asia-focused expansion. Roughly 70 global sponsors are supporting the event, with 10 designated as global partners. A Japan-exclusive streaming deal with Netflix will carry all 47 games, while Fox holds U.S. rights. League officials described the event as exceeding expectations even before first pitch.
Braves’ Battery Revenue Surges as Mixed-Use Model Gains Scale
The Atlanta Braves reported a 45% increase in real estate revenue to $97 million in 2025 from The Battery Atlanta, its mixed-use development adjacent to Truist Park. The Battery generated $69 million in adjusted profit - exceeding the baseball operation’s comparable figure - and drew nearly 9 million visitors during the year. The district’s performance reinforces the growing role of ballpark-adjacent mixed-use developments as stable, year-round revenue contributors.
Netflix Walks Away from WBD, Doubles Down on Franchises and Creator Tech
Netflix stepped back from a major M&A battle this week, while continuing to reinforce its strategy around premium IP, live-adjacent programming, and production innovation.
Paramount Skydance Prevails in WBD Battle, Reshaping Media and Sports Portfolio
Warner Bros. Discovery’s board deemed Paramount Skydance’s revised $31-per-share offer superior to Netflix’s prior bid, prompting Netflix to walk away rather than match the higher price. Paramount agreed to cover WBD’s $2.8B breakup fee and is pursuing full ownership of WBD’s studio, streaming, and linear assets. Upon closing, CBS Sports and Turner Sports would sit under one roof, consolidating a substantial portfolio of NFL, NCAA, NBA, NHL, MLB, UFC, and major tournament rights within a single entity.
Netflix Acquires AI Start-Up Founded by Ben Affleck
Netflix recently purchased InterPositive, an AI tools company founded by Ben Affleck that develops production-focused technology designed to assist filmmakers in postproduction. Unlike generative AI platforms that create content from text prompts, InterPositive’s tools are trained on a production’s existing footage to support tasks such as relighting, color correction, and visual effects while preserving creative intent. Netflix stated the technology will be offered to its creative partners and is intended to enhance filmmaker control rather than replace writers, directors, or crew.
Apple Expands Formula 1 Into a Cross-Platform Media Franchise
As its U.S. F1 rights deal begins, Apple unveiled an expansive coverage strategy featuring 4K broadcasts, multi-view functionality, and integration across Apple News, Maps, Music, Fitness, and Podcasts. Apple also struck a partnership with Netflix to stream Drive to Survive Season 8 on Apple TV and to simulcast the Canadian Grand Prix, positioning F1 as a year-round entertainment property rather than a standalone live event.
And On a Fun Note...
It was great to see rival motorsports leagues IndyCar and NASCAR stage a desert doubleheader in Phoenix last weekend. The back-to-back races on the same oval marked a rare collaboration between the two series and offered a smart way to expose each fan base to the other’s product. By sharing a weekend and venue, both leagues showcased the strength of live racing as premium content. And reports suggest it paid off, with NASCAR reportedly inviting IndyCar back for another doubleheader in 2027.
