Sports, Media and Entertainment in the News

The past three weeks delivered some of the largest ownership transactions in sports history. Record franchise sales reshaped ownership across the NBA, MLB, and global soccer, while the NFL heads into the 2026 season with record valuations and advertising demand. Elsewhere, premium sports content continued attracting investment through new media rights, streaming technology, and global distribution partnerships.

Sports Assets Reprice as Capital Continues to Move in

Several of the largest franchise transactions in sports history unfolded over the past three weeks, as investors continued paying record prices for marquee teams while ownership groups repositioned their portfolios.

Kushner and Iger agree to buy the Lakers for a record $12.5 billion

Joshua Kushner and Bob Iger agreed to acquire Mark Walter's majority stake in the Los Angeles Lakers for approximately $12.5 billion, the largest sale of a North American sports franchise on record. The transaction has been followed by a separate dispute over the Buss family's remaining 17.8% stake, with governor Jeanie Buss contesting a vote by at least five siblings to sell the family trust's interest. The deal remains subject to NBA Board of Governors approval in September.

Arctos agrees to buy 10% of the Falcons at a $10.6 billion valuation

Private equity firm Arctos agreed to acquire a 10% stake in the Atlanta Falcons at a $10.6 billion enterprise valuation. The investment, which is expected to close over the next 18 months pending NFL approval, would become Arctos' fourth NFL team investment alongside the Bills, Browns, and Chargers and highlights continued investor demand for premium NFL franchises.

Bezos-backed consortium acquires 38% of Liverpool at a record valuation

Fenway Sports Group agreed to sell approximately 38% of Liverpool FC to a consortium including Jeff Bezos, Eduardo Saverin, and Amit Bhatia at a valuation exceeding $7 billion, a record for a soccer club transaction that tops Sir Jim Ratcliffe's 2024 investment in Manchester United at roughly $5.8 billion. FSG, which bought Liverpool for the equivalent of $476 million in 2010, will retain majority ownership and operating control, and the closing remains subject to regulatory approval. Liverpool's new minority investors have an option to become majority shareholders of the Premier League club for a valuation of around $8bn in the next 12 months.

Yankees receive a $2.6 billion capital injection from Apollo

Apollo Global Management agreed to provide $2.6 billion in debt and equity financing to Yankee Global Enterprises (YGE), converting weeks of exploratory discussions into a signed transaction. Apollo will refinance existing debt, acquire a minority stake, and add Apollo Sports Capital CEO Al Tylis to YGE's board, while the Steinbrenner family retains control.

Padres officially change hands at a record $3.9 billion

The San Diego Padres officially changed hands after MLB owners unanimously approved the club's $3.9 billion sale to José E. Feliciano and Kwanza Jones. The transaction establishes a new MLB franchise record more than 60% above the previous MLB record, eclipsing Steve Cohen's $2.42 billion purchase of the Mets in 2020, with Feliciano becoming the club's control owner.

MSG Sports stock and earnings jump on the Lakers sale comp and the Knicks' title run

Madison Square Garden Sports Corp. (MSGS), the publicly traded parent of the Knicks and the NHL's Rangers, reported fiscal fourth-quarter revenue of $278.7 million, up 37% year over year, with $66.9 million of that increase tied to the Knicks' NBA Finals run. MSGS's market capitalization sits at roughly $10 billion. Citing the Lakers' recent $12.5 billion sale as a comparable, the company suggested the combined value of the Knicks and Rangers, set to formally split into separate public companies by the end of October, could exceed $15 billion.

Indian Premier League surpasses $20 billion valuation

The Indian Premier League's business value rose 11.4% to $20.6 billion, according to Houlihan Lokey's 2026 valuation study, driven by record franchise transactions that valued Royal Challengers Bengaluru at $1.78 billion and the Rajasthan Royals at $1.65 billion. The report also highlighted the league's continued digital growth, with combined TV and streaming reach increasing 7% to 1.06 billion screens, even as traditional television audiences declined.

The NFL Heads Into the 2026 Season From a Position of Strength

New valuation data, media sales, and international expansion plans underscored the NFL's continued financial strength ahead of the September 9 season opener.

Cowboys remain the world's most valuable sports franchise at $15.5 billion

Sportico's 2026 NFL team valuations placed the Dallas Cowboys atop the league for a fourth consecutive year at $15.5 billion, with the Los Angeles Rams second at $12.7 billion, followed by the New York Giants ($12B), New England Patriots ($10.4B), and New York Jets ($10.35B). Even the lowest-ranked team, the Cincinnati Bengals, is worth more than all but six other professional sports franchises globally, reflecting the NFL's continued financial strength.

Disney sells out its Super Bowl LXI ad inventory at record pace

Disney has sold all advertising inventory for Super Bowl LXI, the earliest sellout on record, with 58 brands across 34 categories, including nine first-time advertisers. Media buyers pegged the going rate at $8.5 million to $9 million for a 30-second spot, above NBC's $8 million-plus rate for this year's game. It will be ABC's first Super Bowl broadcast since 2016 and ESPN's first ever. NFL television partners generated a record $5.87 billion in ad sales last season, up 7% year over year.

NFL Hall of Fame Game draws 7 million viewers, its best preseason opener audience in five years

The Cardinals-Panthers Hall of Fame Game averaged 7 million viewers across NBC and Peacock, the largest audience for the league's preseason opener since 2021. The broadcast outdrew every MLB regular-season game so far this season, the Netflix-streamed Home Run Derby, U.S. coverage of the NHL Stanley Cup Final, and the Wimbledon finals, despite featuring two of the league's less closely watched franchises. The result is preseason exhibition data and not necessarily predictive of regular-season audiences.

Goodell sees an international NFL franchise as inevitable

Commissioner Roger Goodell said he has "no doubt" the NFL will eventually place a franchise outside the United States, adding that a permanent international team would likely precede any Super Bowl hosted abroad. The comments come as the league prepares to play nine international games this season and expands to as many as 10 beginning in 2027. This year's slate already includes international games across Melbourne, Rio de Janeiro, London, Paris, Madrid, Munich, and Mexico City.

Media Rights and Distribution Continue to Evolve

New media rights agreements, streaming innovations, and platform investments underscored continued demand for premium sports and entertainment content.

Netflix pays $200 million for rights to the 2027 Women's World Cup, one of the largest media deals for a women's sports property

Netflix is paying $200 million for U.S. and Canadian broadcast rights to the 2027 FIFA Women's World Cup in Brazil, according to Bloomberg, the first disclosure of financial terms for a rights deal announced previously. For comparison, Fox paid approximately $485 million for U.S. rights to the larger men's 2026 World Cup. FIFA has said it expects revenue from the Women's World Cup to roughly double to about $1 billion for the 2027 tournament, reflecting continued growth in women's sports media valuations.

Apple expands its VR baseball coverage with four immersive MLB broadcasts

Apple will stream four MLB games in its immersive Vision Pro format this season, starting with a Yankees-Red Sox matchup on August 28, part of its seven-year MLB rights deal signed in 2022. The broadcasts use 8K, 180-degree video and dedicated announcer teams, similar to Apple's immersive NBA coverage this past season, and will also be available in standard 2D. Apple has not disclosed sales figures for its $3,700 Vision Pro headset.

Spotify tops 300 million premium subscribers, a milestone no audio streaming service has reached

Spotify ended the second quarter with 300 million premium subscribers, up from 293 million in the first quarter, and 777 million monthly active users. Revenue grew 14% to $5.5 billion, and operating income rose 61% year over year to $754 million, though shares fell more than 4% in premarket trading despite the strong results, as investors continue to focus on the company's profitability trajectory. Spotify also struck a deal with music-licensing company Merlin to bring 30,000 independent labels into its new AI remix and cover tool, following a similar agreement with Universal Music Group in May.

LIV Golf's future remains uncertain after funding changes

LIV Golf will end its 2026 season one week early after canceling its Team Championship following the withdrawal of financial backing from Saudi Arabia's Public Investment Fund, which had invested more than $5 billion since the league's launch in 2022. The league says it has secured a new investor for 2027, though the transaction has not yet closed. The announcement came the same week PGA Tour Commissioner Brian Rolapp said there are "no conversations" regarding a merger between the two tours.