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July 29, 2022

LeBron James Peddles the Power of Cycling with New Investment

King James continues to flourish this offseason. The Lakers superstar and his business partner, Maverick Carter, are among the newest investors in Canyon Bicycles. The investment was made via James and Carter’s LRMR Ventures, as they participated in a $30 million investment round at a $763 million valuation. The new cash infusion will help drive Canyon’s international expansion.

Sports Coverage Propels Comcast to $30B Q2 Earnings

In the battle of the streaming services, there is one thing that keeps cable relevant: live sports. With its latest earnings report, Comcast proved that cornering the sports market pays off. The cable company posted $30 billion in second-quarter earnings, a 9.2% net increase from last quarter. The numbers outperformed projections, which were placed at $29.68 billion.

Stadium Live Grows Digital World with $10M Funding

The digital world just received a hefty contribution. World creator Stadium Live raised $10 million to bring fantasy sports to a younger generation. The platform features over 500,000 users who can customize their avatar, purchase digital collectibles, and gain XP points by drafting teams during live matches. The new fundraising round was led by KB Partners and Union Square Ventures and attracted investments from Kevin Durant and Rich Kleiman‘s 35V, Blaise Matuidi’s Origins Fund, Dapper Labs Ventures, and more. The Canadian company has a $32 million valuation. Stadium Live plans to put the raised funds towards hiring engineering and product resources to create more features for their growing audience.

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David Ortiz Lights Up with New Cannabis Brand

David Ortiz plans to hit a home run in the cannabis industry. The recently named MLB first ballot Hall of Famer announced Papi Cannabis in collaboration with the Massachusetts cannabis company, Rev Brands. The line was described as an “exclusive line of carefully curated cannabis products that keep healing properties at the forefront.” Ortiz highlighted the importance of cannabis throughout his life, as it helped with pain and stress.

Quavo Takes Over in Web3 Film “Takeover World”

Quavo is taking Quality Control beyond just music. As rumors swirl that Migos may be broken up, Quavo is expanding his entertainment portfolio into the world of film. Under Quality Control Films, Huncho is set to star as Guy Miller in the new action-thriller Takeover World. The film will mix animation and live-action stunt performance and launch an immersive open world in the Web3 space.

Porsche Accelerates Towards F1 with Red Bull Deal

Porsche wants in on the rapidly growing Red Bull F1 team. The luxury motor company plans to obtain a 50% stake in Red Bull’s Formula 1 operations, as stated in a document published by Morocco’s Conseil de la Concurrence. A previous collaboration was expected to be announced at this month’s Austrian Grand Prix. However,  a delay in the FIA’s approval of F1’s engine regulations for 2026 shelved the conversations.

JetBlue Acquires Spirit Airlines for $3.8B

JetBlue is targeting a major expansion, and they’ve tapped Spirit Airlines to help makes it happen. The airline is set to buy Spirit for $3.8 billion, making it the fifth largest airline in the United States. However, antitrust controllers in the Biden administration have voiced their concern about mergers, adding additional hurdles from the U.S. Justice Department. 

RapCaviar Extends Empire With Spotify Podcast

RapCaviar is extending its brand beyond music playlists. Earlier in the month, Boardroom reported the brand’s expansion into the world of on-screen entertainment with a Hulu docuseries. Now, the influential playlist is set to release the RapCaviar podcast hosted by Brandon “Jinx” Jenkins exclusively on Spotify. The show launches on the platform on August 4.

Adidas Puts the NHL on Ice, Walks Away from Jersey Deal

After six years of being the official NHL jersey supplier, Adidas is walking away from its duties following the 2023-24 season. ESPN reports that the Three Stripes will let their current deal expire without renewal. Adidas paid approximately $70 million per year as the official jersey sponsor.

NWSL Kicks Off Coverage With SiriusXM

The NWSL is putting all the pieces together for a successful next season. After increasing funds with CarMax and hints at expansion, the women’s soccer league’s live broadcasts will be available on the SiriusXM FC channel and the SXM App. In addition to weekly audio coverage, Sirius will provide audio for the NWSL Championship game on October 29. The news comes in the same week that Sirius secured a five-year deal with the NFL to lock up the radio rights for the shield.

Athletes Unlimited Reaches $1M in Nonprofit Donations

Through its Athletes Causes program, Athletes Unlimited has raised $1 million in funds for athletes in softball, lacrosse, volleyball, and basketball. Each season athletes choose a cause to play for, allowing them to highlight issues that are meaningful to them. The program hopes to have its Athletes Unlimited community amplify discussions for the causes, creating a network for support.

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