NBCUniversal’s broadcast of Super Bowl LVI between the Cincinnati Bengals and Los Angeles Rams averaged 112.3 million viewers, an improvement from last year’s lackluster results. 

Super Bowl LVI averaged 99.2 million viewers on NBC, with another 1.9 million viewers on Telemundo, the most-watched broadcast in five years.

Comcast’s streaming platform Peacock and co-viewing from connected devices averaged 11.2 million viewers, making Super Bowl LVI the most-streamed event ever. 

Super Bowl LVI continues the streak of improved ratings for the NFL.

• Ratings for regular-season games were up 7% in 2021 compared to the 2020 season.
• All three rounds of the playoffs saw ratings increase by at least 13%.
• The AFC and NFC championships averaged 49 million viewers, up from 43 million last year. 

Last year’s Super Bowl LV only averaged 96.4 million viewers across all platforms — the smallest audience for the Big Game since 2007. 

Everybody Wins 

NBC’s broadcast of Super Bowl LVI also helped boost viewership for the Beijing Winter Olympics, which saw its largest audience immediately following the game.

An average of 21.3 million viewers tuned in to the Olympics on NBC after the Rams’ 23-20 win on Sunday night, nearly doubling the event’s previous high of 11.1 million viewers on Feb. 10.

As viewership habits change, sports leagues, media companies, and broadcasters are looking for ways to keep pace. Investors appear to be validating the worth of at least one company aimed at providing solutions. 

On Tuesday, WSC Sports, which produces videos of sports highlights using AI technology, announced it raised $100 million in a Series D funding round.

• Investment company ION Crossover Partners led the round.
• Intel Capital, Detroit Venture Partners, and O.G. Tech — all of which had invested in the company previously — participated as well.

In 2021, WSC Sports created more than 3.4 million highlights. The NBA, NHL, ESPN, Bleacher Report, YouTube TV, and Bundesliga are among more than 200 broadcasters and leagues who have solicited WSC Sports’ services.

The company said it will use the cash infusion to support additional “expansion into new geographies, sports, and platforms such as OTT, NFTs, sports betting, and more.” It will also recruit more than 150 employees globally.

Tech-First Portfolio

WSC Sports fits a similar profile to many of ION Crossover Partners’ investments. The company’s portfolio includes several brands aiming to provide digital solutions, including Fiverr and Via.

“Content is king, and we view sports content as one of the crown jewels of the digital age,” ICP managing partner Gilad Shany said.

Sinclair Broadcast Group’s Diamond Sports Group is looking to swap some of its distressed bonds to take out new loans and help launch a sports streaming app.

Last month, the network secured $600 million in financing to support the app’s launch and renewed a broadcast deal with the NBA to stream games to the local territories of 16 teams on its new service.

The company, which operates Bally’s Sports Group, is looking to receive new second-lien secured senior notes by exchanging more than $3 billion of 5.375% notes that are due in 2026. Sinclair’s sports unit is looking for notes that hold the same coupon and maturity.

Sinclair purchased Diamond Sports Group in 2019 for a reported $9.6 billion. 

• In addition to a $635 million first-lien loan, Diamond Sports Group is asking holders to waive specific debt protections in order to add new debt.
• In exchange for existing debt, the company is also asking holders to take on a revolving credit line and a second-priority term loan.

The swap relies on approval from shareholders and the company receiving the new first-lien loan. The final exchange deadline is March 14.

Sinclair’s Sticky Situation

Last June, debt tied to Diamond Sports Group sold off after the firm failed to raise new capital and rework its balance sheet. Senior unsecured notes due in 2027 fell to less than half of their face value after holders were released from trade restrictions — they were among the worst performers in the market at the time, per Trace.