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November 10, 2026

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Barely a month after Skydance’s $110 billion merger with Warner Bros. Discovery closed, the media titan is pressing ahead with plans to bundle, and then fully combine, the Paramount+ and HBO Max streaming services. Sports will be a central component of the company’s heightened entry into the streaming wars.

—Eric Fisher

First Up

A month after Kalshi announced a deal with a Native American tribe, a man claiming to be the tribe’s rightful chief sued the prediction-market platform.
Former NFL reporter Dianna Russini is officially returning to sports media. She will launch a weekly show and write a column for offshore sportsbook BetUS.
Terrell Owens was served a defamation lawsuit while filming a commercial for an upcoming documentary about his life.
The 2029 Open Championship was awarded to Carnoustie Golf Links on Monday, meaning Trump Turnberry will have to wait until at least 2030 to host the event.

‘We Believe in Sports’: Skydance Combining HBO Max, Paramount+

Jeenah Moon-Reuters

The streaming wars are escalating, with sports standing as a key battleground.

CBS Sports and TNT Sports parent company Skydance said late Monday that it will offer a combined streaming bundle of Paramount+ and HBO Max in early 2027.

“Bundling is our first step toward fully unifying the two services,” said Skydance chairman and CEO David Ellison. “It lets us start capturing the consumer and monetization benefits of a fully unified product, and we believe consumers will be delighted by this. The bundle will deliver what we view as an unmatched offering of entertainment, news, and sports. … We really do expect to grow reach and engagement, improve retention, and increase revenue and profitability.”

The fully unified streaming service of Paramount+ and HBO Max is loosely targeted to debut “in about a year,” Skydance said. The streaming plans were a key element of the company’s first quarterly earnings report since last month’s closing of the landmark $110 billion merger between Skydance and Warner Bros. Discovery.

In its new structure, Skydance has a powerful combined portfolio of sports rights that includes the NFL, MLB, NHL, March Madness, the Masters, NASCAR, UFC, UEFA, and several major college sports conferences.

Nearly all of those live rights are already showcased in the separate streaming services and will be core to the merged setting. Skydance currently has about 203 million direct-to-consumer subscribers globally, led by Paramount+ and HBO Max, and is poised to be a streaming market force competing with industry titans such as Netflix and Disney. That subscriber figure, however, is not deduplicated.

Sports Considerations

Ellison, meanwhile, lauded the Skydance sports portfolio and its scale, but again said the company will be “disciplined” as it evaluates any future rights opportunities.

“Suffice it to say, we believe in sports, and we will continue to be a significant player in the space,” Ellison said. “As it relates to future rights, we will be disciplined, and every right has to earn its place. But we’re really happy with the portfolio that we have.”

Financial Results

Skydance said it generated $7.03 billion in revenue in the third quarter, up 5% from the combined results of the predecessor companies. Net earnings swung from a prior loss of $257 million to a gain of $73 million.

Despite the bullish quarterly results, Skydance is grappling with about $80 million of debt, and it recently saw its long-term debt downgraded from a BB+ rating to BB, indicating heightened financial risk.

Skydance is also targeting at least $6 billion in savings over the next three years, largely through layoffs that have already started, as well as by reducing corporate overhead and commercial real estate holdings and unifying its back-end technology. With that effort, Skydance is aiming to substantially reduce its net leverage ratio by 2029 and achieve “investment-grade credit metrics.”

“Audiences have more choices than ever, technology is reshaping how stories are made and experienced, and the competition for attention is relentless,” Skydance said Monday in a shareholder letter. “Legacy business models are being disrupted, and we see that as an opportunity.”

NFL viewership on CBS Sports, meanwhile, has increased 5% so far this season over what was a league-leading average audience in 2025.

Breaking Down an NIL Deal

NIL has created new opportunities for college athletes, but navigating this evolving landscape involves more than signing a brand deal. From understanding taxes and budgeting to planning for the future, financial education is becoming an increasingly important part of the conversation.

In this episode of FOS Explains, presented by New York Life Investment Management, we explore how NIL deals come together and the role financial planning can play in helping athletes and their families navigate these new sources of income. Theresa Gralinski, head of the Advisor Advancement Institute at New York Life Investment Management, shares why building sound financial habits early can make a difference long after an athlete’s playing career ends.

Watch the full video, and then check out this NIL Toolkit to learn more.*

ONE BIG FIG

Smoothie Shortage

Stephen Lew-Imagn Images

$195 million

That’s the funding gap for a development project to renovate the Pelicans’ home arena and turn the surrounding area into an entertainment district, according to reporting from the The Times-Picayune/NOLA. Earlier this year, Pelicans and Saints owner Gayle Benson presented her plans for the Smoothie King Center, a $420 million project for which she committed $150 million. Meanwhile, Louisiana Gov. Jeff Landry is reportedly ready to earmark $95 million from the state budget if state legislators agree. But the Superdome Commission, the quasi-governmental organization that runs the arena, is hard-pressed to find the remaining funds after completing a half-billion-dollar renovation of the Caesars Superdome in 2024.

DAILY SPORTS TRIVIA

Can you rank the top five NHL players by most career assists?

FIRST AT FOS

LeBron and KD Team Up on Youth Basketball

Jayne Kamin-Oncea-Imagn Images

A new youth boys basketball league backed by Nike athletes LeBron James and Kevin Durant will launch in April 2027, and its season will overlap with Nike’s competing Elite Youth Basketball League. Futures Basketball League was founded by a group that includes James’s LRMR Ventures and Durant’s Boardroom Sports Holdings.

In addition to LRMR and Boardroom, other “founding partners and team owners” include Derrick Rose (an Adidas athlete) and Paolo Banchero (who is with Jordan Brand), as well as entrepreneur Gary Vaynerchuk and Jason Stein and Daniel Haimovic of investment firm SC Holdings.

The league will feature 100 of the top boys basketball prospects in the U.S. across 12 regional teams. Players will earn NIL compensation and can pursue NIL deals outside the league, including with sneaker brands. The first players will be announced “in the weeks ahead.”

The debut season of Futures Basketball League will tip off in April 2027; EYBL’s season runs from late April through May.

LOUD AND CLEAR

Gotham’s Turf Troubles

Brad Penner-Imagn Images

“We exhausted every possible avenue before making this decision.”

—Gotham FC co-owner Carolyn Tisch Blodgett announcing that the NWSL team will move its semifinal playoff game against the Kansas City Current on Sunday to 5,000-seat Icahn Stadium in Manhattan. Gotham typically plays at the New York Red Bulls’ 25,000-seat Sports Illustrated Stadium in New Jersey. But players and coaches complained about the playing surface during Saturday’s quarterfinal win over the Seattle Reign, which drew a reported 11,328 fans.

Tisch Blodgett added: “We are deeply disappointed that so many of our fans will now be unable to experience this moment alongside our team. Our players deserve a playing surface that meets the standards of a professional semifinal, and our fans deserve the opportunity to support them. We have worked tirelessly to deliver on both and are disappointed that we cannot.”

YOUR MORNING LISTEN

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Michelle Wie West starred in Los Angeles Golf Club’s win.

Question of the Day

Do you think Skydance will add more sports rights to its combined streaming service?

YES

Monday’s result: 18% of respondents watched WTGL or the NWSL playoffs on Sunday.

DISCLAIMER

*This material has been developed to meet the needs of financial intermediaries.

Results from collaboration strategies will vary by advisor and client and are not guaranteed. Success depends on engagement, specialist availability, and consistent execution.

The Advisor Advancement Institute is a program within New York Life Investment Management. The views expressed are those of New York Life Investment Management LLC or, where identified, an independent third-party content creator, as of the date presented, and are subject to change without notice. “New York Life Investment Management” is the brand name and service mark used to represent a group of affiliated investment advisors of New York Life Insurance Company, including New York Life Investment Management LLC, a registered investment advisor.

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