Owning Sports IP
Ryan Nguyen@nguyen
−2.2%
since Oct 10
The idea
I believe live sports is the one entertainment category streamers can't copy, so the value keeps flowing to whoever owns the IP. This take centers on leagues and events that own their rights outright, adds listed teams, and wraps in sports-anchored media where sports strengthens the business rather than squeezes it. It holds a modest cash reserve and is meant to be held for years, built on the idea that sports rights only grow scarcer and more valuable over time.
What it owns
- Companies that own a whole sport or marquee event capture every new rights deal, sponsor agreement and ticket price increase. · TKO Group HoldingsIt owns UFC and WWE directly, so it gets paid when broadcasters and venues bid higher prices for live sports rights., Liberty Media Formula One GroupIt owns Formula One outright, including the race calendar and television rights, and captures all fees from broadcasters and host cities as the sport's audience grows., Churchill DownsIt owns the Kentucky Derby, a century-old event with cultural pull and a large betting audience that drives record wagers and sponsorship.35%
- Networks whose audiences depend on live sports benefit when owning rights protects the business against the shrinking traditional media market. · Fox CorporationIts business is built around live sports, mainly the NFL, which keeps viewers and advertisers engaged as other television shrinks., Walt DisneyIt owns ESPN, and the NFL holds a stake in ESPN, making the league that anchors live sports a direct partner in the business., ComcastNBC, which it owns, carries the NFL and NBA, and those live games are what keep the network and Peacock relevant as cable shrinks., Skydance CorporationIt recently acquired major media assets and holds UFC rights plus a large sports lineup, though it carries substantial debt from the deal.30%
- Teams are scarce trophy assets where private buyers consistently pay far more than public market prices suggest. · Madison Square Garden SportsIt owns the Knicks and Rangers, two of the largest market teams in the NBA and NHL, and its value tracks what basketball and hockey franchises sell for., Atlanta Braves HoldingsIt is one of the few ways to own a single MLB team on the public market, so its value moves with baseball franchise prices., Manchester UnitedIt is a global soccer brand with fans worldwide, and its value grows as international club broadcast and commercial revenue rises., Rogers CommunicationsIt owns the Blue Jays and holds stakes in the Leafs and Raptors, giving it exposure to top Canadian team valuations.27%
- Cash8%