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Your Daily BriefAugust 19th, 2022 |
Good morning, and happy Friday! Believe it or not, after today, there are only four more Fridays until the end of summer…so while you wrap your mind around that, here’s what we have for you:
In Today’s Brief
- Japan: Tax agency encouraging young adults to drink more
- Trump Organization: Former CFO pleads guilty to tax fraud
- Ralph Lauren: Announces first-ever West Coast fashion show
- Amazon: Imposing holiday surcharges on fulfillment fees for the first time
- Selling Sunset: Christine Quinn not returning for new seasons
- Top Tips: Big Ten inks $7B deal for media rights; streaming surpasses cable TV in the United States; Deshaun Watson suspended for 11 games and fined $5M
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Big Ten strikes a deal for media rights reportedly worth more than $7B
The Big Ten college athletic conference has entered into a seven-year contract with Fox, CBS, and NBC that sources familiar with the matter say is worth more than $7B over the life of the agreement.
In terms of dollar value, the Big Ten’s deal marks the richest-ever television agreement for a college athletic conference and comes two months after the conference added the University of Southern California (USC) and the University of California, Los Angeles (UCLA) as future members. As part of the deal, the Big Ten will split football games among multiple broadcast networks, with Fox, CBS, NBC and Peacock–NBCUniversal’s streaming service–each receiving their own time slots.
The new agreement will take effect next July and run through the 2029-30 football season. When the contract period begins, Big Ten games will no longer air on ESPN for the first time in 40 years.
Streaming overtakes cable-TV viewing in the United States for the first time
As of July, streaming has officially topped cable viewing as the most popular medium that Americans use to consume television content.
According to Nielsen, streaming platforms surpassed cable networks to claim the largest share of TV viewing in the United States for the month of July. Per Nielsen's monthly Gauge study of TV consumption data, streaming made up 34.8% of all television consumption in the U.S last month. Netflix captured 7.7% of the total share of TV consumption, while YouTube, Prime Video, and Disney+ increased their share of viewing time to 7.3%, 3%, and 1.8%, respectively. HBO Max remained at 1%.
While Nielsen’s data shows that streaming has captured more viewing share than both cable and broadcast television, traditional TV–which includes both cable and broadcast consumption–still makes up the majority of TV viewing in the United States.
NFL extends Deshaun Watson’s suspension to 11 games and fines him $5M
The National Football League has reached a settlement with Cleveland Browns quarterback Deshaun Watson that will see him suspended for 11 games and fined $5M.
The settlement comes after more than two dozen women accused the 26-year-old quarterback of sexual misconduct during massage sessions, for which the NFL originally suspended Watson for six games without pay. Watson's 11-game suspension takes effect August 30th, and the NFL has mandated that he undergo evaluation from behavioral experts and follow their suggested treatment program to be reinstated. He will be eligible for reinstatement on November 28th and will be available to play for the Browns again in Week 13 of this year’s season.
In addition to Watson’s suspension–during which he will not be paid–the fine of $5M that the league ordered him to pay is the largest fine ever given to a player in the history of the NFL.
Around the Globe
- With revenue from alcohol companies declining, Japan’s National Tax Agency launches a contest called “Sake Viva!” which asks young people to submit business plans that encourage young adults to drink more
- Months after Starbucks withdrew from Russia following the country’s invasion of Ukraine, a successor named “Stars Coffee” opened in Moscow
- Five people in Austria were killed by falling trees during storms with recorded gusts of 62 mph yesterday
On the Homefront
- Allen Weisselberg, former CFO of the Trump Organization, pleaded guilty to tax violations and admitted to his role in a years-long tax fraud scheme at the former president’s company
- Three men were charged with the 2018 murder of gangster James “Whitey” Bulger at U.S. Penitentiary Hazelton in Bruceton Mills, West Virginia
- NASA announces that Nicole Aunapu Mann will become the first Native American woman to travel to space when she leads a SpaceX-powered Crew-5 mission heading to the International Space Station as soon as September 29th
Glitz and Games
- Ralph Lauren will present his spring 2023 men's and women’s collection on October 13th in Southern California, marking the designer’s first-ever fashion show on the West Coast
- Television anchor Brian Stelter will leave CNN after the network cancels his show Reliable Sources; his last day will be Sunday, August 21st
- Swedish video game company Embracer Group has acquired Middle-earth Enterprises, which owns the intellectual property and worldwide rights to J.R.R. Tolkien’s The Lord of the Rings trilogy and The Hobbit
Money Moves
- Major indexes in the stock market ended relatively flat after teetering between gains and losses during yesterday’s trading session (Dow +0.06%, Nasdaq +0.21%, S&P 500 +0.24%)
- Amazon announced peak season surcharges that it will impose on Fulfilled by Amazon (FBA) services between October 15, 2022, and January 14, 2023; it is the first time Amazon will impose peak surcharges on items sold through FBA
- Chewy founder and activist investor Ryan Cohen’s RC Ventures sold its entire stake including call options in Bed, Bath & Beyond (NASDAQ: BBBY); shares were up more than 200% in August as of yesterday’s close and fell as much as 34% in after-hours trading
Tip & Tricks
- Binge Watch: We can’t stop cracking up at the family banter in This Fool on Hulu
- Bump This: Feast your ears on some three-part harmonies in the new country-pop track “Girl In Mine” by Parmalee - listen on Apple Music and Spotify
- Nerd Out: Check out these photos of the “Spanish Stonehenge” with rocks believed to date back to 5000 BC that has emerged from falling water levels in Spain’s Valdecanas reservoir
- Cash Grab: Singer Janet Jackson pocketed $8.8M on the sale of her Manhattan apartment that she purchased for $2.8M in 1998 (a $6M gain in about 25 years…not bad, if we say so ourselves)
- Say What: “Look man, I’m an innovator and I’m not here to sit up and apologize about my ideas. That’s exactly what the media tries to do, make us apologize for any idea that doesn’t fall under exactly the way they want us to think,” Kanye West said during an interview with Fox News when talking about his Yeezy clothes being sold out of black construction bags at Gap stores
- Hot Goss: Real estate agent and reality TV personality Christine Quinn will not be returning to Netflix’s Selling Sunset for the show’s sixth and seventh seasons
- Life Hack: Washing your sheets and pillowcases at least once a week helps keep your skin clear and prevents acne
Looking Back…
On August 19th: Google raises $1.66B in its initial public offering (2004); the USS Constitution, commanded by Captain Isaac Hull, wins a victory over the British frigate HMS Guerriere in the War of 1812 (1812); Lady Gaga releases her debut album The Fame (2008); President Bill Clinton is born (1946).
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