• Loading stock data...
Friday, June 21, 2024

Amazon Makes History With $1T Loss, Bounces Back

  • Amazon became the first public company to lose $1 trillion in value.
  • A rally on Thursday helped it partially recover.
Amazon-NFL
Maria Lysaker-USA TODAY Sports

Amazon has endured historic losses over the past year, but it’s still gunning for top-value sports rights.

The media and ecommerce giant briefly held the distinction of being the only public company to lose $1 trillion in market value.

  • A slump over the last month led to a drop in market capitalization of around $879 billion
  • The company reached a peak market value of $1.88 trillion in July 2021.
  • A rally following news that inflation is receding in the U.S. led to a 12.2% jump on Thursday, pushing Amazon’s market cap up to $978.2 billion.

It’s unclear how many people are watching Amazon’s first season exclusively broadcasting “Thursday Night Football.” The company’s own estimates show an average viewership of 11.8 million, while Nielsen ratings produce a significantly smaller 10.1 million figure.

Both are a notable dropoff from last season’s 16.4 million on Fox.

NBA on Prime?

Amazon has prioritized the most popular sports leagues in purchasing broadcast rights, such as the NFL and the Premier League — and another top commodity is coming on the market.

Negotiations for the NBA’s next media deal are ongoing, and the league could be seeking up to $9 billion annually.

The league’s current deals with Disney and Discovery’s TNT end after the 2024-25 season.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Lakers Hire Former Player, Podcaster, Analyst JJ Redick As Head Coach

Redick takes over the Lakers with no coaching experience.

New Koch Stake Values Nets, Liberty Parent at $6 Billion

The Koch family is well known for its conservative political donations.

Monty Williams Is Out of a Job, but He’ll Get $65 Million in Severance

Detroit owes $65 million after making Williams the league’s highest-paid coach.
podcast thumbnail mobile
Front Office Sports Today

How Women’s Sports Media is Charting Its Own Path

0:00

Featured Today

Jan 3, 2022; Pittsburgh, Pennsylvania, USA; General view of the NFL shield logo signage before the Pittsburgh Steelers host the Cleveland Browns at Heinz Field.

Odds Stacked Against NFL in Multibillion-Dollar Sunday Ticket Trial

Why the class action trial does not look promising for the league.
Jan 7, 2024; San Francisco, California, USA; Toronto Raptors forward Jontay Porter (11) takes a three-point shot against the Golden State Warriors during the second half at Chase Center.
June 9, 2024

‘Bound to Happen’: The Age of the Sports Betting Scandal Has Arrived

A banishment, betting scheme, and guilty plea all in one scandal-filled span.
June 8, 2024

‘Experimental in Nature’: The Rapid, Confounding Rise of Streaming Bundles

Here’s why confusion continues to outweigh solutions in the streaming package boom.
June 2, 2024

The Nostalgia Market: Michael Jordan’s Memorabilia Remains Coveted, With Caveats

Due to scarcity, and sometimes, items’ undisclosed whereabouts, this world has limitations.

Silver Lake to Take Endeavor Private, Ending Tough Stock Market Run

Private equity giant Silver Lake is set to acquire the remaining shares it didn’t already own.
Exterior of Nike Company Store
February 16, 2024

Nike to Lay Off 2% of Its Workforce in Cost-Savings Effort

The sportswear giant hinted at staff cuts in a December earnings call.
DraftKings
February 16, 2024

DraftKings Trends Toward the Black, Buys Lottery App

The sports gambling giant continues to narrow its losses.
Sponsored

How HOKA is Reimagining the NIL Relationship

HOKA, the renowned athletic footwear and apparel brand, is betting on a new reality with NIL.
February 7, 2024

ESPN DTC to Debut by Fall 2025, but Streaming Alliance Hastens Market Entry

Date set for stand-alone version of network, but new joint venture will beat that by a year.
January 22, 2024

They Make Sports Balls—and They Could Be Worth Almost $9 Billion

Amer Sports looks to raise as much as $1.8 billion in the public markets.
A view of a FanDuel sportsbook location.
January 18, 2024

FanDuel Strengthens U.S. Dominance Ahead of NYSE Debut

Flutter posts strong financial results as NYSE shares are set to debut Jan. 29.
The swoosh logo at Nike Eugene.
September 28, 2023

Nike Misses Revenue Wall Street’s Projections, But Company’s Stock Soar

The company offset the shortfall by exceeding expectations in earnings per share.