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Welcome back! Step out of your office and into ours for the first Monday edition of Yahoo Sports Biz. Tell your friends and colleagues to subscribe!
In today’s edition: Comcast spins NBCU, the driving force behind team valuations, big money in action over the weekend, remembering NFL Europe, NIL dollars soaring, and more.
Time to show you the money...
BREAKING NEWS
(Daniel Perron/Hans Lucas/AFP via Getty Images)
This morning, Comcast announced plans to spin off NBCUniversal — and the rich portfolio of sports rights that comes with it — into a separate publicly traded company, with the transaction to close in one year.
Massive sports implications: NBCUniversal boasts a vast array of premier sports rights that spans the Olympics, NFL, NBA, MLB, the PGA Tour, NASCAR, the Premier League, college football, and more. That portfolio will now exist apart from the larger Comcast balance sheet, raising questions about its capacity as an independent bidder in future rights negotiations or its status as an acquisition target.
Déja vu: The spin comes just months after Versant Media Group, comprised primarily of what were Comcast’s cable networks, completed its own separation. The stock has fallen 33% since it began trading.
The NFL of it all: Skydance Media’s acquisition of Paramount Global triggered a change-of-control provision that compelled CBS back to the negotiating table with the NFL in a moment when the league is keen on increasing its rights fees. A similar dynamic could unfold here, which makes NBC’s Sunday Night Football standing more tenuous today than it was yesterday.
The market reaction: The news was well received on Wall Street, where Comcast stock is up nearly 7% in trading today. The reaction is perhaps reflective of alleviated concerns about the trajectory of sports rights costs weighing on the company.
More to come here. Speaking of sports rights…
MEDIA MONEY
(Bruno Rouby/Yahoo Sports)
At the heart of the forces driving sports’ emergence as an asset class is their unique and unparalleled value to an evolving media landscape.
No substitutes: The rise of streaming and the demise of the monoculture has left a void in live programming filled only by sports. While we used to gather around our TVs for primetime viewing of network television shows, those days have long since passed.
(Lev Akabas/Sportico)
Play the shift: Sports have a unique ability to transcend trends new and old that have made other programming less valuable.
What they’re saying: “10 years from now, we will have a steady dopamine drip of all that other content to make us laugh, to make us cry,” Seven Seven Six founder and prominent sports investor Alexis Ohanian explains:
“You will never want to watch robots play soccer or play golf. You need to see that human experience. If you’re wondering why I’m investing so much money in sports, particularly women’s sports, it’s because of this: 10 years from now, live sports will be even more important to us, because it will be the one thing to connect us to our own humanity.”
Marketing money: With a captive live audience, sports programming is more valuable to advertisers. A recent report from eMarketer suggests that live sports advertising spend across linear and connected TV will reach $20 billion by 2027 and $25 billion by 2030, growing at nearly four times the rate of the overall market.
Rising rights tide: The rights to broadcast the major sports leagues don’t come cheap. In fact, combining the average annual rights fees of national deals for the NFL, NBA, and MLB alone yields a cost well in excess of that projected 2027 advertising spend.
Revenue engine: The sharp rise in rights fees has conveyed immense riches to owners in the major leagues via soaring team valuations. These recurring and upward-trending revenues have contributed to the framing of sports as an asset class, offering relative immunity from volatile economic conditions.
Rising tide, not for all boats:Analysis from Boston Consulting Group highlights a striking dichotomy between the haves and have-nots of the sports media landscape. The higher absolute rights fees for the top properties restrict both the pool of available bidders and the budget they can offer to the broader sporting ecosystem.
Bottom line: Sports offer valuable and unique protection from trends that have reduced the popularity of other live programming. That protection has created sky-high media rights fees, which, in turn, lift the floor beneath team valuations. But aggregate rights growth has slowed, and all properties — large and small — are eager to diversify revenue streams.
BANK SHOTS
(Buda Mendes/Getty Images)
East Rutherford, New Jersey — Elliott Anderson and England beat Panama 2-0, on Saturday to clinch first place atop Group L and set up a date with DR Congo in the knockout round (Wed. 12pm ET).
Mad money: Manchester City has agreed a $154 million transfer fee with Nottingham Forest for Anderson, which would make him the most expensive British player in history (surpassing a record set by City for Jack Grealish). Meanwhile, Man City’s 115 charges for violations of Premier League financial rules remain pending.
(Kate McShane/Getty Images)
Chaska, Minnesota — Haeran Ryu won the KPMG Women’s PGA Championship by two strokes on Sunday, finishing just ahead of her compatriot Ina Yoon. Ryu was 10 strokes behind after the first round before a putter switch changed her fortunes.
Game changer: Ryu earned $1.95 million in prize money for the victory, part of a record-breaking $13 million purse. During the whole of the 2025 season, Ryu amassed $1.37 million in on-course earnings.
(Cameron Spencer/Getty Images)
London, England — After reaching the main draw via qualifying, American Michael Zheng opened his 2026 Wimbledon with a shock five-set upset of Cameron Norrie.
Unqualified success: By advancing, Zheng lifts his Wimbledon payday to approximately $167,000. Zheng, a two-time NCAA champion who recently exhausted his eligibility and turned pro, was unsure if he was allowed to accept $150,000 in prize money from this year’s Australian Open and remain NCAA-eligible. He ultimately was, and there will be no such question marks after Wimbledon.
GLOBAL GAMES
(Martin Rose/Bongarts/Getty Images)
In 2026, the NFL will play a record-breaking nine games internationally, stretching across four continents to bring the American game to the world. It’s the latest sign of the league’s immense global ambition, built steadily since the first international game in Mexico City more than two decades ago. But there was a time when the NFL’s international ambitions proved overaggressive.
On this day in 2007: NFL Europe officially folded, bringing an end to a failed marketing strategy that struggled to establish a foothold of attendance and media interest.
Failure to launch: Many Americans knew NFL Europe only for its teams’ inclusion in Madden editions of the late 1990s and early 2000s (come on, you Scottish Claymores).
Thanks for the memories…and the players:* NFL Europe largely failed to deliver on the promise of player development, with a lack of roster continuity and strength contributing to its demise. It did produce a few gems, however, including a stacked 1998 Amsterdam Admirals quarterback room that featured Kurt Warner and Jake Delhomme. Hall of Fame kicker Adam Vinatieri played for the Admirals in 1996, six years before his field goal won the Patriots their first Super Bowl.
Shift in strategy:Reports suggested the league was losing $30 million annually before the NFL pulled the plug, citing a desire to shift its international marketing strategy toward exporting regular-season games, which continues today. Times have changed, making that loss feel immaterial: Today, $30 million buys you one year of Alec Pierce.
Guten Tag: The German interest in the game hasn’t wavered. The league returns to Munich this year for a tilt between the Lions and Patriots in mid-November.
*NFL Europe’s other famous alumni? John David Washington, the actor best known for his starring role in Christopher Nolan’s TENET, played for the Rhein Fire in 2007.
ICYMI
(Benjamin Gilbert/AELTC via Getty Images)
️ World Cup tickets plummeting: The median get-in price for the 31 remaining World Cup matches has fallen 42% over the last seven days, per TicketData. 30 of the 31 matches have seen their prices fall over that period. However, the median get-in price for those games remains 31% higher than it was at the start of the tournament.
Walton buys Bulls stake: The Chicago Bulls announced that Walmart heir Lukas Walton and his wife Samantha acquired a minority stake in the franchise and the United Center. Terms of the deal were not disclosed. The news follows last week’s reports that the Cavaliers are nearing a minority stake sale to Blue Owl.
Novak joins PE firm: Novak Djokovic has joined General Atlantic, one of the world’s largest private equity firms with $126 billion under management, as a Global Strategic Advisor. Djokovic expressed a desire to work with the firm to explore opportunities in sports technology, wellness, and healthcare.
Happy Monday for Hovland: While you were drinking your morning coffee, Viktor Hovland was winning $3.6 million in a playoff at the Travelers Championship, lifting his season earnings to $6.0 million. Scheffler missed a putt to lose the playoff, but he extended his lead atop this season’s money list, raising his total to $15.1 million.
Players drop Wimbledon protest: After several top players limited their media availability over the weekend to protest player pay, the group announced Monday that it will resume full availability after constructive talks with the All England Club. Despite a 20% increase in prize money, the 14.4% share of last year’s revenue was below the 16% sought by the players.
See what else is trending on the Yahoo Sports Business Hub.
NIL NUMBERS
(Gregory Shamus/Getty Images)
As the college sports landscape remains embroiled in legal and legislative turmoil, the NIL market continues to march higher. A new report from Opendorse, an NIL marketplace and technology company, estimates the sheer magnitude of the market and reveals its nuances.
$4.5 billion
Opendorse estimates that the NIL market — including both revenue-sharing and above-the-cap spending — will total $4.5 billion in 2026-27. One year ago, they projected that this year’s figure would be $3.0 billion. The arms race is escalating even faster than most anticipated.
$735 million
Of that $4.5 billion total, Opendorse projects that $735 million will come from above-the-cap spending, meaning commercial brand deals, rather than revenue-sharing payments directly from schools.
$48.2 million
Opendorse estimates that the Big Ten will have the highest average NIL budget in the country at $48.2 million, followed by the SEC ($44.5 million), ACC ($29.4 million), and Big 12 ($24.3 million). This year’s revenue-sharing cap sits at $21.3 million…
Have-nots: The average Group-of-6 NIL pool amounts to $7.7 million, with 98.2% of that total attributed to revenue sharing.
Keep reading:Find the full report here.
One more for the road: $63.5 million. That’s how much the NCAA paid in legal fees alone in its most recent fiscal year, ended August 2025, in addition to $372.3 million in legal settlements, reports Daniel Libit of Sportico.
RESUME GAP
(Larry French/Getty Images for USOC)
Last week, Mike Tirico revealed to The Detroit News that the biggest remaining void in his highly-decorated resume is appearing on the call for a baseball game, something he’s never done at any level and a box he’d love to check.
That’s right: Mike Tirico, who has called almost anything and everything during his 35-year career, has never called a baseball game. Now that NBC carries Sunday Night Baseball, the broadcasting legend may someday find a moment in his packed schedule to cross that holdout off the bucket list.
Question: Which of these major sporting events has Mike Tirico not called or hosted as a television broadcaster?
A) US Open (Golf)
B) US Open (Tennis)
C) College Football Playoff National Championship
D) FIFA World Cup
Answer at the bottom.
️ SUPERIOR PLAYERS
(Fifa World Cup on X)
Notice the difference? Salah’s "Superior Player of the Match" trophy and backdrop is missing the Michelob Ultra branding found in Messi’s. Whether because of religious, cultural, or personal preferences, any player is able to forego the alcohol advertisement and request the unbranded version.
Breath of fresh air: In a sports industry motivated to commercialize almost every conceivable asset, FIFA’s acknowledgement that some things are still sacred feels refreshing.
Trivia answer: C) College Football Playoff National Championship. You’ll note we specified “television broadcaster” in the question. Tirico has called a CFP National Championship, but only on the radio. That’s how hard it is to find a gap in his resume.
For the web version, click here.
Thanks for reading! Wanna talk shop? Follow me on X and Linkedin, or drop me a line: [email protected].
Continue reading...
In today’s edition: Comcast spins NBCU, the driving force behind team valuations, big money in action over the weekend, remembering NFL Europe, NIL dollars soaring, and more.
Time to show you the money...
BREAKING NEWS
JUST IN: COMCAST TO SPIN OFF NBCUNIVERSAL
You must be registered for see images attach
(Daniel Perron/Hans Lucas/AFP via Getty Images)
This morning, Comcast announced plans to spin off NBCUniversal — and the rich portfolio of sports rights that comes with it — into a separate publicly traded company, with the transaction to close in one year.
Massive sports implications: NBCUniversal boasts a vast array of premier sports rights that spans the Olympics, NFL, NBA, MLB, the PGA Tour, NASCAR, the Premier League, college football, and more. That portfolio will now exist apart from the larger Comcast balance sheet, raising questions about its capacity as an independent bidder in future rights negotiations or its status as an acquisition target.
Déja vu: The spin comes just months after Versant Media Group, comprised primarily of what were Comcast’s cable networks, completed its own separation. The stock has fallen 33% since it began trading.
The NFL of it all: Skydance Media’s acquisition of Paramount Global triggered a change-of-control provision that compelled CBS back to the negotiating table with the NFL in a moment when the league is keen on increasing its rights fees. A similar dynamic could unfold here, which makes NBC’s Sunday Night Football standing more tenuous today than it was yesterday.
The market reaction: The news was well received on Wall Street, where Comcast stock is up nearly 7% in trading today. The reaction is perhaps reflective of alleviated concerns about the trajectory of sports rights costs weighing on the company.
More to come here. Speaking of sports rights…
MEDIA MONEY
LIVE SPORTS: TV'S GOLDEN GOOSE
You must be registered for see images attach
(Bruno Rouby/Yahoo Sports)
At the heart of the forces driving sports’ emergence as an asset class is their unique and unparalleled value to an evolving media landscape.
No substitutes: The rise of streaming and the demise of the monoculture has left a void in live programming filled only by sports. While we used to gather around our TVs for primetime viewing of network television shows, those days have long since passed.
- In 2005, sports accounted for just 14 of Nielsen’s top 100 most-viewed live programs.
- In 2025, 95 of the top 100 were sports, with football alone taking 90 spots.
You must be registered for see images attach
(Lev Akabas/Sportico)
Play the shift: Sports have a unique ability to transcend trends new and old that have made other programming less valuable.
- For example, over the last two decades, viewers have steadily adopted the practice of “time-shifting” dramas, sitcoms, and reality TV, watching them at a later date that better suits them. But sports don’t allow for time-shifting.
- Looking ahead, as AI floods the world with generative content, sports offer one of the few remaining authentic human experiences, where results are organically decided in real time.
- Shifts in ratings methodology have also proved beneficial to sports, with Big Data and Out-of-Home adjustments from Nielsen providing a tailwind to measured audience sizes.
What they’re saying: “10 years from now, we will have a steady dopamine drip of all that other content to make us laugh, to make us cry,” Seven Seven Six founder and prominent sports investor Alexis Ohanian explains:
“You will never want to watch robots play soccer or play golf. You need to see that human experience. If you’re wondering why I’m investing so much money in sports, particularly women’s sports, it’s because of this: 10 years from now, live sports will be even more important to us, because it will be the one thing to connect us to our own humanity.”
Marketing money: With a captive live audience, sports programming is more valuable to advertisers. A recent report from eMarketer suggests that live sports advertising spend across linear and connected TV will reach $20 billion by 2027 and $25 billion by 2030, growing at nearly four times the rate of the overall market.
Rising rights tide: The rights to broadcast the major sports leagues don’t come cheap. In fact, combining the average annual rights fees of national deals for the NFL, NBA, and MLB alone yields a cost well in excess of that projected 2027 advertising spend.
- NFL: Over $12 billion annually including Sunday Ticket, more than doubling the prior cycle’s proceeds.
- NBA: Approximately $7 billion annually, up from $2.6 billion in the prior deals.
MLB: Over $2 billion, despite a 2025 rework that saw ESPN abandon Sunday Night Baseball.
Revenue engine: The sharp rise in rights fees has conveyed immense riches to owners in the major leagues via soaring team valuations. These recurring and upward-trending revenues have contributed to the framing of sports as an asset class, offering relative immunity from volatile economic conditions.
Rising tide, not for all boats:Analysis from Boston Consulting Group highlights a striking dichotomy between the haves and have-nots of the sports media landscape. The higher absolute rights fees for the top properties restrict both the pool of available bidders and the budget they can offer to the broader sporting ecosystem.
- The top 10 media properties in sports grew their global media rights from $15 billion to $32 billion (113%) over the decade spanning 2014 to 2024.
- The next 20 properties grew from $5 billion to $7 billion, an increase of only 40%.
Bottom line: Sports offer valuable and unique protection from trends that have reduced the popularity of other live programming. That protection has created sky-high media rights fees, which, in turn, lift the floor beneath team valuations. But aggregate rights growth has slowed, and all properties — large and small — are eager to diversify revenue streams.
BANK SHOTS
MONEY ON THE FIELD
You must be registered for see images attach
(Buda Mendes/Getty Images)
East Rutherford, New Jersey — Elliott Anderson and England beat Panama 2-0, on Saturday to clinch first place atop Group L and set up a date with DR Congo in the knockout round (Wed. 12pm ET).
Mad money: Manchester City has agreed a $154 million transfer fee with Nottingham Forest for Anderson, which would make him the most expensive British player in history (surpassing a record set by City for Jack Grealish). Meanwhile, Man City’s 115 charges for violations of Premier League financial rules remain pending.
You must be registered for see images attach
(Kate McShane/Getty Images)
Chaska, Minnesota — Haeran Ryu won the KPMG Women’s PGA Championship by two strokes on Sunday, finishing just ahead of her compatriot Ina Yoon. Ryu was 10 strokes behind after the first round before a putter switch changed her fortunes.
Game changer: Ryu earned $1.95 million in prize money for the victory, part of a record-breaking $13 million purse. During the whole of the 2025 season, Ryu amassed $1.37 million in on-course earnings.
You must be registered for see images attach
(Cameron Spencer/Getty Images)
London, England — After reaching the main draw via qualifying, American Michael Zheng opened his 2026 Wimbledon with a shock five-set upset of Cameron Norrie.
Unqualified success: By advancing, Zheng lifts his Wimbledon payday to approximately $167,000. Zheng, a two-time NCAA champion who recently exhausted his eligibility and turned pro, was unsure if he was allowed to accept $150,000 in prize money from this year’s Australian Open and remain NCAA-eligible. He ultimately was, and there will be no such question marks after Wimbledon.
GLOBAL GAMES
THIS DAY IN HISTORY: NFL EUROPE FOLDS
You must be registered for see images attach
(Martin Rose/Bongarts/Getty Images)
In 2026, the NFL will play a record-breaking nine games internationally, stretching across four continents to bring the American game to the world. It’s the latest sign of the league’s immense global ambition, built steadily since the first international game in Mexico City more than two decades ago. But there was a time when the NFL’s international ambitions proved overaggressive.
On this day in 2007: NFL Europe officially folded, bringing an end to a failed marketing strategy that struggled to establish a foothold of attendance and media interest.
Failure to launch: Many Americans knew NFL Europe only for its teams’ inclusion in Madden editions of the late 1990s and early 2000s (come on, you Scottish Claymores).
- What started as a pan-European effort, though, had consolidated to mostly German teams by its final season in 2006, with the country offering the most avid interest as other major hubs shuttered due to waning attendance.
- Even a collaboration with FC Barcelona sputtered; average attendance for the FC Barcelona Dragons declined for five consecutive seasons, falling below 7,000 before the league suspended the team’s operations in 2003.
- It’s unlikely the city noticed the Dragons’ absence the next year; a young Argentine forward made his Barcelona debut in 2004.
Thanks for the memories…and the players:* NFL Europe largely failed to deliver on the promise of player development, with a lack of roster continuity and strength contributing to its demise. It did produce a few gems, however, including a stacked 1998 Amsterdam Admirals quarterback room that featured Kurt Warner and Jake Delhomme. Hall of Fame kicker Adam Vinatieri played for the Admirals in 1996, six years before his field goal won the Patriots their first Super Bowl.
Shift in strategy:Reports suggested the league was losing $30 million annually before the NFL pulled the plug, citing a desire to shift its international marketing strategy toward exporting regular-season games, which continues today. Times have changed, making that loss feel immaterial: Today, $30 million buys you one year of Alec Pierce.
Guten Tag: The German interest in the game hasn’t wavered. The league returns to Munich this year for a tilt between the Lions and Patriots in mid-November.
*NFL Europe’s other famous alumni? John David Washington, the actor best known for his starring role in Christopher Nolan’s TENET, played for the Rhein Fire in 2007.
ICYMILIGHTNING ROUND
You must be registered for see images attach
(Benjamin Gilbert/AELTC via Getty Images)
️ World Cup tickets plummeting: The median get-in price for the 31 remaining World Cup matches has fallen 42% over the last seven days, per TicketData. 30 of the 31 matches have seen their prices fall over that period. However, the median get-in price for those games remains 31% higher than it was at the start of the tournament.
Walton buys Bulls stake: The Chicago Bulls announced that Walmart heir Lukas Walton and his wife Samantha acquired a minority stake in the franchise and the United Center. Terms of the deal were not disclosed. The news follows last week’s reports that the Cavaliers are nearing a minority stake sale to Blue Owl.
Novak joins PE firm: Novak Djokovic has joined General Atlantic, one of the world’s largest private equity firms with $126 billion under management, as a Global Strategic Advisor. Djokovic expressed a desire to work with the firm to explore opportunities in sports technology, wellness, and healthcare.
Happy Monday for Hovland: While you were drinking your morning coffee, Viktor Hovland was winning $3.6 million in a playoff at the Travelers Championship, lifting his season earnings to $6.0 million. Scheffler missed a putt to lose the playoff, but he extended his lead atop this season’s money list, raising his total to $15.1 million.Players drop Wimbledon protest: After several top players limited their media availability over the weekend to protest player pay, the group announced Monday that it will resume full availability after constructive talks with the All England Club. Despite a 20% increase in prize money, the 14.4% share of last year’s revenue was below the 16% sought by the players.
See what else is trending on the Yahoo Sports Business Hub.
NIL NUMBERS
PRICE TAGS
You must be registered for see images attach
(Gregory Shamus/Getty Images)
As the college sports landscape remains embroiled in legal and legislative turmoil, the NIL market continues to march higher. A new report from Opendorse, an NIL marketplace and technology company, estimates the sheer magnitude of the market and reveals its nuances.
$4.5 billion
Opendorse estimates that the NIL market — including both revenue-sharing and above-the-cap spending — will total $4.5 billion in 2026-27. One year ago, they projected that this year’s figure would be $3.0 billion. The arms race is escalating even faster than most anticipated.
$735 million
Of that $4.5 billion total, Opendorse projects that $735 million will come from above-the-cap spending, meaning commercial brand deals, rather than revenue-sharing payments directly from schools.
$48.2 million
Opendorse estimates that the Big Ten will have the highest average NIL budget in the country at $48.2 million, followed by the SEC ($44.5 million), ACC ($29.4 million), and Big 12 ($24.3 million). This year’s revenue-sharing cap sits at $21.3 million…
Have-nots: The average Group-of-6 NIL pool amounts to $7.7 million, with 98.2% of that total attributed to revenue sharing.
Keep reading:Find the full report here.
One more for the road: $63.5 million. That’s how much the NCAA paid in legal fees alone in its most recent fiscal year, ended August 2025, in addition to $372.3 million in legal settlements, reports Daniel Libit of Sportico.
RESUME GAP
TIRICO TRIVIA
You must be registered for see images attach
(Larry French/Getty Images for USOC)
Last week, Mike Tirico revealed to The Detroit News that the biggest remaining void in his highly-decorated resume is appearing on the call for a baseball game, something he’s never done at any level and a box he’d love to check.
That’s right: Mike Tirico, who has called almost anything and everything during his 35-year career, has never called a baseball game. Now that NBC carries Sunday Night Baseball, the broadcasting legend may someday find a moment in his packed schedule to cross that holdout off the bucket list.
Question: Which of these major sporting events has Mike Tirico not called or hosted as a television broadcaster?
A) US Open (Golf)
B) US Open (Tennis)
C) College Football Playoff National Championship
D) FIFA World Cup
Answer at the bottom.
️ SUPERIOR PLAYERSUNBRANDED
You must be registered for see images attach
You must be registered for see images attach
(Fifa World Cup on X)
Notice the difference? Salah’s "Superior Player of the Match" trophy and backdrop is missing the Michelob Ultra branding found in Messi’s. Whether because of religious, cultural, or personal preferences, any player is able to forego the alcohol advertisement and request the unbranded version.
Breath of fresh air: In a sports industry motivated to commercialize almost every conceivable asset, FIFA’s acknowledgement that some things are still sacred feels refreshing.
Trivia answer: C) College Football Playoff National Championship. You’ll note we specified “television broadcaster” in the question. Tirico has called a CFP National Championship, but only on the radio. That’s how hard it is to find a gap in his resume.
For the web version, click here.
Thanks for reading! Wanna talk shop? Follow me on X and Linkedin, or drop me a line: [email protected].
Continue reading...
