The most valuable live-viewing content creators in America are professional sports leagues, private cartels that together reported over $46B of revenue, including more than $21B of media rights fees, in 2019. This report analyzes 6 of the largest US sports leagues and their 4 largest revenue streams and discusses the importance of live sports to DIS, FOXA, VIAC, CMCSA, T, and SBGI. This report also quantifies economics at risk, by company and by league, during COVID-19. Finally, we highlight how diverse league business models drive disparate valuation outcomes. We believe that the return of 7 pro sports in July and August plus the NFL in September suggests higher linear TV sub adds in 2H20, including by cord-Nevers, and higher subscriber churn for streaming services. DIS, FOXA, and VIAC are the companies in our coverage universe that have the most upside from the return of live sports, in our view.
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