GameStop’s ride of a lifetime hit a major roadblock yesterday. 

The video game retailer’s stock fell as low as $222.06 per share — far above its $17.75 price to start the year, but an indication the stock’s incredible rally is not invincible.

On Thursday morning, brokers like Robinhood, TDAmeritrade and Charles Schwab restricted “Buy” transactions on GameStop and other “meme” stocks like BlackBerry and AMC Entertainment.

More than 50% of Robinhood investors reportedly held GME in their portfolios.

As Robinhood put its clamps down on the retail investors’ aggressive play against financial institutions, backlash has now turned on the app. 

Users tanked the app’s rating and a class-action lawsuit was filed against Robinhood. 

Robinhood’s move also sparked rare bipartisan agreement from political polar opposites, including Rep. Alexandria Ocasio-Cortez and Sen. Ted Cruz.

Cruz tweeted “fully agree” to a tweet from AOC suggesting Robinhood’s move was “unacceptable.” 

“We now need to know more about @RobinhoodApp’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit,” she wrote.

Robinhood CEO Vlad Tenev told CNBC that the company limited the purchase of certain stocks to protect customers in a volatile market.

“We absolutely did not do this at the direction of any market maker or hedge fund or anyone,” he added.

NHL commissioner Gary Bettman announced a new plan to survive the shortened season.

The league is borrowing approximately $1 billion. The money will be divided among all 31 teams to curtail cash-flow issues, payroll costs, and other operational expenses, according to Sports Business Journal. 

The NHL is in the beginning stages of its 56-game season. The commissioner had announced on Jan. 11 that the league could lose billions in potential revenue. 

The league has already implemented other measures to make up for lost revenue from the 2019-20 season:

• Helmet ads are expected to generate $15 million across all teams. 
• New division sponsors — Discover, Honda, MassMutual, and Scotiabank — are viewed as a “one-year-only” campaign.”

The NBA issued a similar plan by acquiring $900 million in debt and giving each of its franchises $30 million to help teams navigate financial losses. 

Months away from the postseason, chances are Bettman’s billion-dollar announcement won’t be the last major adjustment.

ESPN is reportedly shopping the X Games, the extreme sports franchise it started 25 years ago to draw in younger viewers. The 2021 edition begins today in Aspen.

A sale of the X Games would likely bring in approximately $50 million.

ESPN is said to be reassessing which assets it needs in order to keep its cable viewership strong or potentially draw in subscribers to its streaming network ESPN+.

Other live sports networks have recently made moves to strengthen their streaming content:

• NBC is shutting down cable network NBCSN, transitioning sports content to its other cable networks and its streaming service Peacock.
• FuboTV recently acquired the sportsbook Vigtory as it looks to bolster its sports betting offerings. 

ESPN’s remains a cash cow for Disney, but the Mouse has committed $40 billion to sports content over the next few years and needs to ensure a continued return on investment.

If it doesn’t, there is speculation Disney could shed ESPN as cable continues its decline.

A national TV station group is expanding its community influence by incorporating podcasts..

Tegna, which reaches 51 markets, acquired Utah-based Locked On Podcast Network, founded in 2016 by David Locke, the radio voice of the Utah Jazz.

“Local communities are at the heart of what we do, “said Tegna CEO Dave Lougee. “We look forward to growing the Locked On network through collaboration with our local stations, including the potential for video simulcasts of shows, and further increasing distribution, engagement and monetization of these fan favorite podcasts.”

The podcast network includes shows on the NBA, NHL, MLB, NFL, fantasy leagues and over 30 colleges. 

Locked On by the numbers:

• Raised $750,000 in its only external funding round
• Roughly 160 daily sports radio shows
• 600 podcast episodes weekly, generating 8 million listens per month

While full terms of the deal were not disclosed, Tegna says the acquisition will be financed through cash on hand, with Locked On remaining a standalone business within Tegna. 

The acquisition comes on the heels of another localized podcasting investment.

Sports podcast network Blue Wire raised a $5 million Series A funding round in December. That was shortly after a $1.2 million round that included former NBA player Baron Davis.