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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.
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.

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