• 5 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why the NBA has a decision to make.

Category

🥇
Sports
Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04Wall Street is fixated on a cavalcade of corporate results.
00:08Coca-Cola kicked things off by topping profit estimates
00:10and boosting its outlook for the year.
00:12General Motors did the same.
00:14UPS, however, missed sales and earnings forecasts.
00:17Package deliveries continue to slow from the frenetic boom
00:20seen during the pandemic years.
00:23Turning now to other headlines, Warner Brothers Discovery
00:26says it has matched Amazon's $1.8 billion
00:29attempt to steal away NBA games that currently air on TNT,
00:34one of Warner Brothers Discovery's cable channels.
00:36Quote, this will allow fans to keep
00:38enjoying our unparalleled coverage, including
00:41the best live game productions in the industry
00:44and our iconic studio shows and talent
00:47while building on our proven 40-year commitment
00:49for many more years, said the company in a statement.
00:52Under the current deal, which expires
00:54at the end of next season, Warner Brothers Discovery
00:57has the right to match any new offer.
01:00Despite that contractual right, Warner Brothers Discovery
01:03is coming in as the underdog.
01:05Its cable business is hemorrhaging viewers,
01:08and its max streaming service only
01:09has 100 million subscribers.
01:11Meanwhile, Amazon Prime Video has more than 200 million
01:15global subscribers.
01:16And that's not Amazon's only advantage.
01:19It has deep pockets and a $1.9 trillion market cap
01:23it can leverage.
01:24On the other hand, Warner Brothers Discovery
01:27is laden with debt and only has a market cap
01:30of $20 billion to lean on.
01:32Adding to the drama, other media companies
01:34are offering more for their pieces of the NBA TV pie.
01:38Disney is reportedly ponying up $2.6 billion a year,
01:42and NBCUniversal is paying $2.5 billion a year.
01:46That'll do it for your daily briefing
01:48from the New York Stock Exchange.
01:49I'm Conway Gittins with The Street.

Recommended

1:52
I
Up next
Netflix ditches cheapest ad-free tier
The Street
2:16
Amazon forces corporate employees back to the office
The Street
1:54
Ultra big televisions are getting cheaper
The Street
1:38
Foot Locker surges as sneaker heads prepare to pay full price
The Street
1:50
NFL ordered to pay billions in 'Sunday Ticket' case
The Street
1:58
GameStop, AMC make a roaring comeback
The Street
2:03
Americans are ditching dollar stores
The Street
2:02
Boeing workers vote to accept new deal
The Street
1:50
Paramount announces layoffs, write down ahead of merger
The Street
2:13
World Series ticket prices skyrocket on secondary market
The Street
2:00
New Amazon Prime benefit will let you save at the pump
The Street
1:53
More affluent Americans are living paycheck to paycheck
The Street
2:03
World’s richest get richer after Trump election win
The Street
1:46
‘Wicked’ and ‘Gladiator’ lead the way at the box office
The Street
2:03
Amazon unveils Amazon Haul S_PM
The Street
1:39
MrBeast, Amazon MGM to create “biggest reality competition ever”
The Street
1:51
Judge strikes down ban on “noncompete” agreements
The Street
1:39
ESPN, FOX, & Warner Bros. Discovery to launch new sports streaming service
The Street
1:46
Google closes in on its biggest deal yet
The Street
1:54
The U.S. government might be breaking up Google
The Street
2:01
Bed Bath & Beyond is coming back to brick and mortar stores
The Street
1:55
Streaming prices continue to rise
The Street
0:39
Jake Paul Vs. Mike Tyson Boxing Match Sets 'Record-Breaking Night' For Netflix: Streaming Giant Says Nearly 60M Households Tuned In
Benzinga
1:47
Amazon unveils “Amazon Saver” food line
The Street
1:51
McDonald’s to invest $1.3 billion in Europe over the next four years
The Street