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  • SBD Article

    Churchill Downs Inc. Posts Small Loss For Q1, With Main Business Segments Profiting

    Published April 24, 2014

    Revenue from Churchill Downs Inc.’s "three main business segments -- racing operations, casinos, and online betting -- were all up" in Q1 compared with the same period last year, but CDI "still posted a small loss for the period," according to financial documents cited by Matt Hegarty of DAILY RACING FORM. Total revenue from its operations was up 13% to a record $167.3M. Revenue from its casinos was up 20% to $86.6M, "largely due to the inclusion of numbers from a casino in Maine" that CDI ac...

    Tags: Finance, Churchill Downs Inc.
  • SBD Article

    Sochi Games Provide Q1 Financial Jolt For NBCUniversal, Comcast

    Published April 22, 2014

    The Sochi Games "boosted TV ratings, revenue and profit" at NBCUniversal, while parent company Comcast "reported its second quarterly video subscriber increase in a row," according to Georg Szalai of the HOLLYWOOD REPORTER. NBCU "aired the Winter Games on its broadcast and cable networks in the latest quarter" and generated more than $1.1B in revenue. Quarterly broadcast TV revenue rose 72.8% to $2.6B, including $846M "generated by the Sochi Olympics." Excluding that, revenue increased 17% "a...

    Tags: NBC, Finance, Comcast Corp.
  • SBD Article

    Disney Reports Cable Network Unit, Led By ESPN, Will Continue Growth For Three Years

    Published April 18, 2014

    Disney on Thursday indicated that profits at its "ESPN-dominated cable networks unit would grow in the 'high single digits' on a compounded annual basis for the next three years," according to Brooks Barnes of the N.Y. TIMES. It is "rare for Disney to provide public insight into its future earnings," but the company was trying to "squelch smoldering concerns about ESPN’s continued profitability amid rising sports rights costs." ESPN continues to be a "juggernaut, commanding ever-increasing fe...

    Tags: Finance, ESPN, Walt Disney
  • SBD Article

    WME Outlines Plans To Cut $151M In Costs Out Of IMG After Acquisition Deal Closes

    Published April 14, 2014

    ...er $53M in costs through "indirect spending cuts, finance cuts, human resources cuts and college contracts....

    Tags: William Morris Endeavor, IMG, Finance
  • SBD Article

    WME Outlines Plans To Cut $151M In Costs Out Of IMG After Acquisition Deal Closes

    Published April 14, 2014

    ...er $53M in costs through "indirect spending cuts, finance cuts, human resources cuts and college contracts....

    Tags: William Morris Endeavor, IMG, Finance
  • SBJ Article

    NHL prepares loan pool that will top $1B

    Published April 14, 2014 by Daniel Kaplan

    ...low clubs to borrow from a centralized loan pool, finance sources said. Another finance source pegged the final deal at $1. Such teams could then refinance their debt by tapping into the new credit facilit... For the sports finance world, news of the NHL deal is sure to be somewha...

    Tags: Finance
  • SBJ Article

    The dealmakers

    Published March 31, 2014 by Daniel Kaplan

    ...the more entertaining personalities in the sports finance world, Galatioto’s firm advised the Maloofs last...

    Tags: In-Depth, Finance
  • SBJ Article

    Seller’s market, but few teams on the block

    Published March 31, 2014 by Daniel Kaplan

    Rising equity markets, owner friendly collective-bargaining agreements, healthy business metrics. Despite these factors blessing sports leagues, or perhaps because of them, the sale of teams has been sluggish at best. In Major League Baseball, for example, there has not been a sale of a team in two years, the last being the San Diego Padres and the Los Angeles Dodgers. “It is pretty unusual,” said Allen & Co. investment banker Steve Greenberg, the ...

    Tags: In-Depth, Finance
  • SBJ Article

    Select sports-related mergers and acquisitions since January 2013

    Published March 31, 2014

    TEAMS Sacramento Kings ■ Seller: Maloof family ■ Buyer: Vivek Ranadivé ■ Price: $534 million Note: Less than two weeks after buying controlling interest, the Ranadivé Group purchased another 7 percent share to bring the total to 72 percent ownership of the team. New Jersey Devils ■ Seller: Jeff Vanderbeek ■ Buyer: Josh Harris and David Blitzer ■ Price: $320 million Florida Panthers ■ Seller: Cliff Viner ■ Buyer: Vincent Viola ■ Price: $250 million Phoenix Coyotes ■ Seller: NHL ■ Buyer: Ic...

    Tags: In-Depth, Finance
  • SBJ Article

    Bank on it

    Published March 31, 2014 by Daniel Kaplan

    The 25-year-old, dyed-in-the-wool Pittsburgh Steelers fan couldn’t believe his eyes. Bill Cowher angrily stormed toward him, approaching on the grounds of the old Municipal Stadium in Cleveland, his trademark spittle flying. Don Cornwell, a young staffer at the NFL in 1994, had gotten the short end of the stick one fall weekend to fly in from New York to enforce league uniform rules before that day’s Browns-Steelers dustup. He had just informed Steelers staff that Greg Lloyd, a recidivist fa...

    Tags: In-Depth, Finance
  • SBD Article

    Nike's Q4, FY '15 Forecasts Fall Short Of Expectations After Strong Q3 Results

    Published March 21, 2014

    Nike's Q3 results "beat analysts' estimates," but after a conference call with analysts on Thursday, the markets "had soured -- reacting to forecasts of lower-than-expected fourth-quarter revenue and slower growth in the next fiscal year," according to Allan Brettman of the Portland OREGONIAN. Nike in Q3 reported a 3% profit jump to $685M, while diluted earnings per share increased 4% to 76 cents. A Reuters report showed that Nike's total revenue rose 12.7% to $6.97B, above the "consensus ana...

    Tags: Finance, Nike
  • SBD Article

    Analyst: Knicks' Phil Jackson Hire Good News For MSG Stock Based On Attendance, TV

    Published March 20, 2014

    ISI Media Managing Dir David Joyce is "reiterating his 'buy' rating on the stock of the Madison Square Garden Company" after Phil Jackson was hired to be Knicks President, according to Eriq Gardner of the HOLLYWOOD REPORTER. Joyce is "upping his average attendance estimate" from 95% to 96% and forecasting a 5% growth "in food and beverage and retail revenue." Joyce had previously "estimated" just a 3% growth for next year. MSG Exec Chair James Dolan on Tuesday announced there will be "no tick...

    Tags: Madison Square Garden, New York Knicks, NBA, Finance
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