Deal-making, labor negotiations, and media strategy all accelerated over the past two weeks. The Raiders sold a 25% stake at a $9.9 billion valuation, three leagues opened or resolved labor talks, the WNBA's media portfolio crossed $3 billion, and New York's TV upfronts offered a window into how the major media companies are positioning their content and ad businesses heading into the next cycle.
NFL Owners Approve Two Franchise Stake Sales and Back International Expansion
At its May 19 owners meeting in Orlando, the NFL approved minority stake sales for the Las Vegas Raiders and Cleveland Browns and a permanent expansion of international regular-season games.
Group led by Egon Durban acquires 25% of Las Vegas Raiders at $9.9 billion valuation
NFL owners approved the purchase of a 25% stake in the Las Vegas Raiders by a group led by Silver Lake co-CEO Egon Durban at the league's May 19 meeting in Orlando, valuing the franchise at $9.9 billion, or roughly $11 billion including the NFL’s 10% flip tax. The equity is held by Durban personally alongside co-investors including WME's Ari Emanuel (1.4%) and TKO's Mark Shapiro (0.6%), with controlling owner Mark Davis retaining a 36% stake. The deal expands the Durban-led group’s total position in the Raiders to nearly 40%, following the league’s previously approved succession plan giving Durban the right of first refusal on the team’s controlling stake if the Davis family ever elects to sell.
Arctos Partners approved as Cleveland Browns Limited Partner
NFL owners also approved Arctos Partners as a limited partner in the Cleveland Browns, marking the sports-focused private equity firm's latest foothold in the league. Chad Hutchinson, Partner at Arctos, called the Browns "one of the NFL's most iconic and historic franchises" and cited the organization's long-term priorities as a draw. The deal, reportedly valuing the franchise at $9 billion.
NFL’s global footprint grows
The NFL owners approved expanding international regular-season games to up to 10 per season beyond 2026, the maximum permitted under the current CBA. The decisions follow the NFL’s announcement of a record nine international games for the 2026 season across four continents, including inaugural contests in France and Australia, underscoring the league's push to build durable global fanbases ahead of further media and sponsorship negotiations.
Labor and Governance Across Major Leagues
Labor negotiations moved on multiple fronts over the past two weeks across the NFL, MLB, and professional tennis, emphasizing the importance of labor peace for owners of sports properties.
Top ATP and WTA players threaten French Open boycott over Grand Slam revenue share
World No. 1 Aryna Sabalenka led top ATP and WTA players in threatening a French Open boycott, citing a drop in their Roland Garros revenue share from 15.5% in 2024 to a projected 14.9% in 2026. Players are demanding 22%, in line with ATP and WTA Masters 1000 events, and say they have received no response to prior proposals on welfare programs or governance representation. The dispute runs alongside the PTPA’s, a quasi-union for tennis pros, lawsuit against the Grand Slam tournaments alleging a "cartel" to suppress wages and limit player representation in the sport's decision-making structures.
NFL and NFLRA ratify seven-year CBA through 2032
The NFL and NFLRA ratified a seven-year CBA through the 2032 season, averting a potential work stoppage heading into the 2026 season. The deal resolves a multi-year impasse over compensation growth rates and includes expanded offseason training access for officials during minicamps, training camps, and joint practices. Postseason assignments will shift toward performance-based criteria rather than seniority, a key structural change the league had sought. NFLRA president Carl Cheffers called the deal "a partnership with the league that benefits our membership but also seeks to make our game better."
MLB and MLBPA open CBA negotiations in New York
MLB and the MLBPA held their first CBA negotiating session on May 12 in New York, six and a half months before the current agreement expires December 1. The opening session covered broad positional overviews with no formal proposals exchanged, though both sides are expected to move quickly in the weeks ahead. The central sticking point is owners' push for a salary cap, which the MLBPA has historically opposed. The 2021-22 negotiations resulted in a 99-day lockout, making the early start to talks a positive signal for both sides.
Media Rights and Broadcast Economics
Media rights expansion continued across women’s basketball and NFL streaming, as both traditional broadcasters and streaming platforms deepened their commitments to live sports.
WNBA media rights portfolio grows to $3.1 billion across Disney, Amazon, and more
The WNBA's broadcast portfolio has grown to $3.1 billion in total value over an 11-year term, averaging roughly $281 million per year, about 6.5 times the prior deal's $43 million annually. The 2026 season features 216 national games, covering more than 65% of the league's 330-game regular-season schedule, broadcast across Disney (ABC/ESPN), NBCUniversal (NBC/Peacock), Amazon Prime Video, Paramount (CBS), and Scripps (ION).
Netflix extends NFL deal through 2029, adding five regular-season games per year
Netflix extended its NFL deal four years through 2029, adding three game windows for a total of five regular-season games annually: a Week 1 game, Thanksgiving Eve, two Christmas Day games, and a Week 18 finale, plus the NFL Honors during Super Bowl week. Netflix’s 2026 NFL slate begins September 10 with Rams vs. 49ers at the Melbourne Cricket Ground, the league’s first regular-season game in Australia. Netflix's Christmas Day NFL broadcasts drew the most-streamed regular-season game in US history in 2025, anchoring the platform's case for live sports as a subscriber and advertiser driver.
The 2026 TV Upfronts: Sports Wins, Big Tech Has Arrived
New York's annual TV upfronts confirmed that live sports remains the anchor of the U.S. advertising market, while Amazon and Netflix continue scaling into major ad-supported media platforms.
Live sports dominate every major pitch
NFL inventory appeared in nearly every presenter's pitch, with Fox, NBC, Amazon, Disney, and Netflix all highlighting league rights. NFL and college football now dominate fall primetime, compressing the scripted calendar and making live sports the most reliable premium ad product on television. NBC and Amazon both used NBA rights as their premium inventory centerpieces.
Amazon and Netflix highlight massive ad-supported reach
Netflix reported 250 million monthly active ad-supported viewers, reaffirmed approximately $3 billion in ad revenue for 2026 (roughly double 2025), and counted more than 4,000 advertising clients, up 70% year over year. Amazon’s pitch centered around its ability to reach more than 300 million ad-supported consumers in the U.S., while leveraging authenticated audience data and AI-powered ad tools to deliver more personalized advertising. The company also noted that an exclusive NFL Wild Card playoff game drew 31.6 million viewers, making it the most-streamed NFL game of all time.
And On a Fun Note...
With the World Cup starting in 20 days, one of the more entertaining online debates has apparently become whether fans can simply walk from New York City to MetLife Stadium, a discussion sparked in part by backlash over NJ Transit’s initially proposed $150 round-trip fare from Penn Station, which was later reduced to $98 after public criticism. As a New Yorker, I definitely do not recommend attempting the walk, unless your ideal pregame experience involves crossing the Lincoln Tunnel and hiking alongside the New Jersey Turnpike.
