Dick’s Sporting Goods is lighting up the board as stores reopen.

The retailer announced its first-quarter earnings Wednesday, recording a 119% increase in revenue to $2.92 billion compared to the $1.33 billion it reported in Q1 2020 — when Dick’s was forced to shut down its stores due to the global pandemic.

• Same-store sales, including e-commerce, grew 115% year-over-year, with digital sales accounting for 20% of the company’s total sales.
• Net income grew to $361.8 million, up from a loss of $143.4 million in the same period last year. 

Lauren Hobart, CEO of Dick’s Sporting Goods, credited increased interest in the company’s golf category and a “resurgence” in its team sports business as youth sports start back up.

“The strength of our category portfolio, supply chain, technology capabilities, and omni-channel execution helped us continue to capitalize on strong consumer demand across golf, outdoor activities, home fitness, and active lifestyle,” said Hobart.

The Pennsylvania-based company grew its share in the $83 billion athleisure market during the quarter, launching men’s line VRST. Dick’s in-house brands saw $1.3 billion in sales last year.

In April, Dick’s also announced the opening of its “House of Sport” interactive store in Victor, New York. A 100,000-square-foot building, House of Sport includes an indoor rock-climbing wall, golf driving bay, putting bay, health and wellness store, and outdoor track-and-turf field.

“The future of retail is experiential,” said executive chairman Ed Stack.

Dick’s plans to open six new stores and eight speciality stores by the end of the year.

The WarnerMedia-Discovery merger has been a hot news item lately, but when it comes to the streaming wars, there’s a certain $1.65 trillion company we shouldn’t forget about.

Amazon, which has sought to build a streaming audience through some of the biggest properties in sports, is buying MGM Studios in a $8.45 billion deal. 

It will be the second-largest acquisition in Amazon’s history after its 2017 purchase of Whole Foods Market for $13.7 billion. The MGM deal comes as the company faces a looming antitrust lawsuit from the District of Columbia.

The online retail giant will pay around $13.2 billion over 11 years for exclusive “Thursday Night Football” broadcast rights. Amazon also holds rights to stream New York Yankees, Premier League, and Champions Leagues games.

MGM would add an impressive film and TV library to Amazon Prime Video, including:

• Classic films dating back to 1924, including “The Wizard of Oz” and “Gone With The Wind.”
• The James Bond, “Rocky,” “Hobbit,” and “Tomb Raider” franchises. 
• TV shows including “Shark Tank,” “Survivor,” “Fargo,” and “The Voice.”

The purchase continues Amazon’s media strategy of going straight for the largest properties in sports and entertainment.

Last month, the company was believed to be in talks for rights to the Indian Premier League. The cricket competition’s 2020 season reached an estimated 405 million viewers — more than the entire U.S. population.

Billionaire Joseph Tsai, owner of the Brooklyn Nets and co-founder of Alibaba, is adding another team to his growing sports empire.

Tsai reached an agreement with the National Lacrosse League on Wednesday to bring an expansion team to Las Vegas. Terms of the deal weren’t disclosed, but the price tag should be comparable to that of the NLL’s Saskatchewan Rush franchise, which sold for more than $10 million earlier this month, according to Sportico. 

Tsai bought a 49% controlling interest in the Nets for $1 billion in 2017. Two years later, he acquired the remaining 51% from Russian billionaire Mikhail Prokhorov in a sale reportedly valued at $2.35 billion, which is a record price for a sports franchise. 

He is now the 10th-richest sports team owner in the world with a net worth of $11.6 billion, per Forbes.

Despite being mostly known as an NBA owner, the 57-year-old Tsai has an impressive professional sports portfolio:

• Purchased the NLL’s San Diego Seals in 2017 for a reported $5 million.
• Lead investor in the startup Premier Lacrosse League. It debuted in 2019 and will broadcast its 2021 season on Peacock. 
• Acquired the WNBA’s New York Liberty in 2019 for a reported $10-$14 million.
• Investor in Los Angeles FC, which has a valuation of over $700 million, the highest ever for an MLS club.

Las Vegas continues to be a red-hot destination for professional franchises, as seen with the addition of the NHL’s Golden Knights in 2017 and the NFL’s Raiders last year. MLB’s Oakland Athletics are also considering a relocation to the city.

Tsai’s expansion team will make its Vegas debut as the NLL’s 15th franchise in the 2022-23 season.