MediaTalk

As the NBA kicks off its 2025-2026 season, significant changes in media rights and distribution strategies are reshaping how fans engage with the league. This episode of "MediaTalk" discusses the implications of the new NBA national rights deals, including the return of NBC Sports and the entry of Amazon Prime Video. How will these shifts impact viewership and fan engagement? Will streaming platforms help the league reach audiences that are either younger or more international in scope?

The episode also explores the WNBA's evolving media landscape, with record attendance and ratings alongside a substantial increase in rights fees. With the collective bargaining agreement ending later this month, what does the future hold for player salaries and league profitability? How does the rise of the 3-on-3 league Unrivaled impact the power balance between players and the league?

Join "MediaTalk" host Mike Reynolds and a panel of S&P Global Market Intelligence Kagan analysts as they discuss the challenges and opportunities facing both leagues in this dynamic media environment.

More S&P Global content:

• The Business of Sports
• Moneyball: The impact of sports media rights on the US video market

Featured experts:

• Justin Nielson, principal analyst at S&P Global Market Intelligence Kagan.

  Scott Robson, principal analyst at S&P Global Market Intelligence Kagan.

  Michael Johnson, research analyst at S&P Global Market Intelligence Kagan

Credits:

• Host/Author: Mike Reynolds
• Producer/Editor: Sarah James

www.spglobal.com

www.spglobal.com/market-intelligence

"MediaTalk" explores the growing importance of sports investments, which have evolved from vanity purchases to a legitimate asset class. Record-breaking transactions in leagues like the NBA and NFL underscore this transformation.

A key focus is why sports teams are considered a durable asset class that will hold their value and continue to grow not just for the next five or 10 or 20 years, but possibly for the next 100. Unlike other investments, sports teams enjoy inelastic demand—fans remain loyal regardless of team performance, ensuring steady revenue. These unique characteristics make sports teams more attractive than even Big Tech stocks, which may not guarantee the same long-term stability and loyalty.

The episode emphasizes the unparalleled ability of sports to captivate audiences, as seen with events like the Paris Olympics and the World Cup. This enduring appeal solidifies sports teams as valuable investments.

The podcast also explores the role of US investors in global sports investments, especially in European soccer clubs. Over half of the Premier League teams have American owners, highlighting a strong US presence in the UK soccer scene.

The conversation shifts to the impact of social media and technology. Social media enhances fan engagement and drives sponsorship values, while the sports technology sector sees growth in areas like sports analytics and collectibles.

Finally, the episode touches on the burgeoning interest in women's sports, with rapid growth in valuations for women's sports teams. As the episode concludes, the guests discuss whether the sports investment market is in a bubble. While some believe it is, others see it as a period of price discovery, with valuations likely to rise before stabilizing.

More S&P Global content:

• Scoring Profits: The Dual Benefits of Investing in Sports

Featured experts:

• Iuri Struta, senior reporter at S&P Global Market Intelligence

• Richard Berndes, associate media analyst at S&P Global Market Intelligence Kagan

Credits:

• Host/Author: Mike Reynolds
• Producer/Editor: Sarah James

www.spglobal.com

www.spglobal.com/market-intelligence

"Media Talk" host Mike Reynolds is joined by Justin Nielson, principal analyst at S&P Global Market Intelligence Kagan, to discuss the opportunities and challenges faced by TV and radio broadcasters in 2025.

Radio is experiencing a bifurcation, with traditional ad revenues declining while podcasting and streaming drive growth. Nielson emphasizes that radio remains a local medium, fostering community relationships, but faces pressure from national advertisers shifting budgets towards platforms like Spotify and SiriusXM. While certain sectors, including healthcare and professional services, are thriving, others like retail and automotive are struggling due to economic pressures.

On the television side, the outlook for 2025 appears challenging, particularly in an odd year without major events like the Summer Olympics or a presidential election. Additionally, the podcast discusses the M&A landscape, noting that the TV sector faces duopoly and national ownership cap rules that could impact transactions. Recent deals, namely Nexstar's potential purchase of TEGNA, will test the current limits.

The podcast also explores the impact of technological advancements, including AI and the transition to ATSC 3.0, which promises new revenue opportunities but faces hurdles in consumer adoption.

Overall, while both radio and TV navigate a complex environment marked by digital competition and economic uncertainty, there are still promising avenues for growth, particularly at the local level, alongside an evolving M&A landscape that could reshape the industry.

More S&P Global content:

Technology, Media, & Telecoms

Featured experts:

• Justin Nielson, principal analyst at S&P Global Market Intelligence Kagan.

Credits:

• Host/Author: Mike Reynolds
• Producer/Editor: Sarah James

www.spglobal.com

www.spglobal.com/market-intelligence

In the latest episode of "MediaTalk," host Mike Reynolds and S&P Global Market Intelligence Kagan analyst Neil Barbour discuss the implications of Electronic Arts' $57 billion going-private deal. Notably, while the multiples on this deal rival those of Microsoft's purchase of Activision Blizzard in 2021, the industry is in a very different phase of growth.

The conversation also looks at the current M&A landscape, delving into why the the anticipated wave of consolidation failed to materialize after Microsoft's Activision Blizzard deal. Will regulatory hurdles and a cautious market environment continue to stifle potential deals?

The health of the video game market raises further questions. With Microsoft reporting a rise in content revenue from previously Xbox-exclusive titles now available on PlayStation, can this momentum be sustained? How will Nintendo navigate software sales following its Switch 2 hardware launch? And what factors are driving Roblox's impressive user engagement, especially around titles such as Steal a Brainrot and Grow a Garden?

This episode prompts listeners to consider the future of the gaming industry and the potential paths for major players, asking what strategies companies should adopt to stay competitive in an increasingly dynamic market.

More S&P Global content:

• Video game industry sheds jobs to protect margins
• MediaTalk | Season 3 | Ep. 22 - Gaming Outlook Complicated by GTA Delay, Metaverse Momentum

Featured experts:

• Neil Barbour, S&P Global Market Intelligence Kagan analyst

Credits:

• Host/Author: Mike Reynolds
• Producer/Editor: Sarah James

www.spglobal.com

www.spglobal.com/market-intelligence

"MediaTalk" host Mike Reynolds and S&P Global Market Intelligence Kagan analyst Michael Johnson recently returned from Front Office Sports' "Tuned In" conference in Manhattan, where media and league executives talked about the rapidly evolving landscape of sports media.

One of the key highlights was the MLB's new rights agreements, which have not been formally announced. They are expected to include NBC securing Sunday night games, ESPN handling local rights, and Netflix stepping in for the Home Run Derby. This diversification of platforms underscores the strategic pivot towards streaming services, aiming to capture a wider audience and cater to changing viewer preferences.

The NBA is also making strides, with NBA Commissioner Adam Silver discussing potential expansions into Europe, supported by heavyweights like JP Morgan and the Raine Group. This not only signifies the NBA's global ambitions but also highlights the importance of regulatory navigation and infrastructure development in international markets.

Amazon's entry into the Masters golf tournament further illustrates the growing influence of streaming giants in traditional sports broadcasting. With their robust sports portfolio, Amazon is positioning itself as a formidable player, potentially eyeing future marquee events like the Super Bowl.

These developments are complemented by NBC's ambitious plans to provide 50 weeks of live Sunday night sports annually. Such initiatives reflect the increasing importance of sports in the broadcasting realm, as networks strive to maintain relevance and viewer engagement in a competitive market.

More S&P Global content:

• The Business of Sports
• Moneyball: The impact of sports media rights on the US video market

Featured experts:

• Michael Johnson, research analyst at S&P Global Market Intelligence Kagan

Credits:

• Host/Author: Mike Reynolds
• Producer/Editor: Sarah James

www.spglobal.com

www.spglobal.com/market-intelligence

"MediaTalk" host Mike Reynolds is joined by S&P Global Market Intelligence tech policy reporter Stefan Modrich to discuss the evolving regulatory landscape for tech and media companies during the second Trump administration. The episode explores AI regulation, BEAD funding and broadcast mergers.

The discussion highlights the increasing complexity of AI legislation across the United States, with over 1,300 bills introduced at the state level that address AI's role in various sectors, including healthcare and election security. As companies and consumers navigate this regulatory patchwork, concerns about AI-generated content in political campaigns remain a hot topic.

The Broadband Equity Access and Deployment (BEAD) program, aiming to provide over $42 billion for high-speed broadband deployment, faces scrutiny as the Trump administration revamps funding criteria. The conversation touches on the political dynamics that could influence how these funds are allocated, with some states potentially needing to choose between AI regulation and BEAD funding.

In the broadcast sector, M&A stands to reshape the landscape. Nexstar's $6.2 billion bid to acquire TEGNA is under the spotlight, shining a light on both the FCC's deregulatory stance and the changing ways in which Americans are consuming news.

More S&P Global content:

GenAI funding hits record in 2024 boosted by infrastructure interest

Featured experts:

• Stefan Modrich, tech policy reporter for S&P Global Market Intelligence

Credits:

• Host/Author: Mike Reynolds
• Producer/Editor: Sarah James

www.spglobal.com

www.spglobal.com/market-intelligence

"MediaTalk" host Mike Reynolds is joined by two in-house movie experts — Wade Holden and Mac Mathews — to explore how the reduced theatrical window has reshaped audience behavior and summer box office outcomes. Traditionally, films enjoyed a 90-day exclusive run in theaters; but post-pandemic, this has been shortened to an average of less than seven weeks. This shift allows studios to capitalize on positive word-of-mouth quickly and reduce advertising costs by transitioning films to streaming platforms sooner. However, it also means that films need to make a significant impact in a shorter timeframe to be deemed successful.

Despite these challenges, certain films managed to outperform expectations. "Lilo and Stitch" and "How to Train Your Dragon" were notable successes, drawing in family audiences with their nostalgic appeal and quality storytelling. On the other hand, Pixar's "Elio" was a box office disappointment, failing to capture the audience's imagination.

Meanwhile, movies based on video games scored big, with "Minecraft" exceeding expectations and contributing to a strong spring box office. This trend of video game adaptations performing well is something studios are eager to leverage, as evidenced by Warner Bros. moving the release of the new "Mortal Kombat" movie to next spring to capitalize on audience interest.

Despite some successes, the summer box office was also affected by superhero fatigue. Films in this genre, which once reliably hit the $1 billion mark, are now performing in the $500 million–$600 million range worldwide. Titles like "Fantastic Four" did not meet expectations, suggesting a potential oversaturation or a shift in audience preferences.

More than ever, this summer proved it is a new world for studios and theater owners. And this fall promises to be more of the same as some of the most highly anticipated movies have the shortest theatrical windows.

More S&P Global content:

• A Box Office Season of Sequels, Side Quests and 'Sinners'

Featured experts:

• Wade Holden, senior research analyst at S&P Global Market Intelligence Kagan

  Mac Mathews, associate director of Editorial, Design and Publishing at S&P Global

Credits:

• Host/Author: Mike Reynolds
• Producer/Editor: Sarah James

www.spglobal.com

www.spglobal.com/market-intelligence

While live sports media rights have been moving to streaming platforms for years, the 2025/26 season marks a pivotal shift in how NFL fans can access content. For the first time, every game will be available through one streaming platform or another following the launches of ESPN's enhanced direct-to-consumer app and Fox One. Coupled with existing streaming services like Paramount+, Netflix and Amazon Prime, US football fans will undoubtedly be watching more games on more platforms than ever before.

Ahead of the kick off of the 2025/26 season, "MediaTalk" host Mike Reynolds is joined by a trio of S&P Global Market Intelligence Kagan analysts to discuss how traditional broadcasters like NBC, CBS, and Fox are adapting to this new media environment. While network owners have previously expressed concerns about fragmentation, they now appear to be leaning in to multiplatform audiences and ad sales.

Even on the linear side, the numbers remain strong, with "Sunday Night Football" on NBC maintaining its reign as the top-rated series for 14 consecutive years. Local broadcast stations remain important partners for building in-market support for NFL teams. With this in mind, the panel discusses potential shifts in media rights post-2029, with the possibility of more games moving to streaming platforms as existing deals expire.

More S&P Global content:

• The Business of Sports
• Moneyball: The impact of sports media rights on the US video market

Featured experts:

• Justin Nielson, principal analyst at S&P Global Market Intelligence Kagan.
• Scott Robson, principal analyst at S&P Global Market Intelligence Kagan.
• Michael Johnson, research analyst at S&P Global Market Intelligence Kagan

Credits:

• Host/Author: Mike Reynolds
• Producer/Editor: Sarah James

www.spglobal.com

www.spglobal.com/market-intelligence

Ahead of the upcoming '25/'26 college football season, "MediaTalk" host Mike Reynolds discusses the changing dynamics of college football media rights with Kagan analysts Justin Nielson, Scott Robson, and Michael Johnson.

As the second season of the expanded College Football Playoff (CFP) begins, the analysts explore the significant changes and potential future playoff scenarios. With the Big Ten and SEC realignments altering the college football landscape, the discussion highlights the challenges and opportunities for top-ranked teams like the Texas Longhorns and Ohio State.

The podcast examines the growing rivalry between "College GameDay" and "Big Noon Kickoff," noting the addition of key personalities. The analysts also discuss the rise of streaming services such as ESPN's enhanced DTC app and Fox Sports One, and their implications for traditional linear TV.

A key — and somewhat controversial — development is the NCAA's recent settlement, which allows for revenue sharing with D1 athletes, potentially shifting college sports into a more professional domain. The conversation touches on how this change could affect competition and player transfers.

As the discussion turns to the future of college football playoffs, the panel considers the potential expansion from 12 to as many as 28 teams, reflecting on its impact on the sport's landscape and the tradition of bowl games.

More S&P Global content:

• The Business of Sports
• Moneyball: The impact of sports media rights on the US video market

Featured experts:

• Justin Nielson, principal analyst at S&P Global Market Intelligence Kagan.

  Scott Robson, principal analyst at S&P Global Market Intelligence Kagan.

  Michael Johnson, research analyst at S&P Global Market Intelligence Kagan

Credits:

• Host/Author: Mike Reynolds
• Producer/Editor: Sarah James

www.spglobal.com

www.spglobal.com/market-intelligence

The new ESPN app is here and "MediaTalk" has a sneak peek at all of the functionalities. "MediaTalk" host Mike Reynolds sits down with John Lasker, senior vice president of ESPN DTC, to discuss the Aug. 21 launch of the new enhanced app. The app marks a significant milestone for ESPN, aiming to serve sports fans anytime, anywhere, by integrating extensive features and functionalities into a single platform. It also marks a significant moment for the pay-TV industry at large, as live sports have long been viewed as the glue that held the multichannel market together.

The app will offer content from all of ESPN's linear networks and access to 47,000 live events for $29.99 a month. Lasker highlights the personalized experience with the introduction of "SportsCenter for You," which tailors content to individual preferences using AI technology. Other notable features allow fans to sync their mobile devices with their TV for enhanced stats and data, and multi-view options for watching multiple games simultaneously.

Targeting cord-cutters and younger audiences, the app is designed to be accessible to both traditional pay-TV subscribers and streaming customers. ESPN plans to bundle the DTC product with Disney+ and Hulu, in the hopes of creating a compelling entertainment package. Lasker emphasizes that this launch is not the final product but rather the beginning of an evolving platform that will continue to innovate and engage sports fans.

With a robust marketing campaign featuring notable personalities, this episode offers a first-hand look at how ESPN aims to redefine the viewing of live sports.

More S&P Global content:

MediaTalk | Season 3 | Ep. 19 - Disney's Upfront Unveiled: Navigating the Future of Sports and Streaming

Featured experts:

• John Lasker, Senior Vice President of ESPN DTC

Credits:

• Host/Author: Mike Reynolds
• Producer/Editor: Sarah James

www.spglobal.com

www.spglobal.com/market-intelligence