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March 11, 2023

Silicon Valley Bank Closes, Marks Biggest Financial Collapse Since 2008

Financial regulators closed Silicon Valley Bank on Friday in what’s being viewed as the largest U.S. bank failure since the financial crisis more than a decade ago. SVB focuses on tech and venture capital communities, putting companies and wealthy folks in a state of limbo.  According to press releases from regulators, the California Department of Financial Protection and Innovation closed SVB and named the FDIC as the receiver, while the FDIC created the Deposit Insurance National Bank of Santa Clara to hold insured deposits from SVB. In the wake of the news, several companies have revealed their holdings at the institution and have begun to scramble to figure out next steps.


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March Madness Kicks off with Complete Ad Sale

This is March. CBS Sports and Turner have sold out virtually all ad space for the upcoming NCAA Men’s Basketball Tournament. Turner executive Jon Diament saying that the sellout is the “earliest in tournament’s recent history.” The average price for a 30-second spot during the tournament has posted “close to double-digit [percentage] increases” over 2021 rates, per John Bogusz, EVP of ad sales for CBS Sports. Early games cost a couple hundred thousand dollars while primetime slots increase near the $2 million range.

Glendale, AZ Prepares for “Eras Tour” with Swift Name Change

Super Bowl LVII has come and gone in Arizona, but now Glendale is preparing for its next major event on March 17 and 18. To prepare, the mayor has declared a temporary name change for those dates. Why the dramatics? Taylor Swift’s Eras Tour is coming to town. “There is no need to calm down, we’re fearless and doing something highly unusual to celebrate the fact that Taylor’s concerts start right here!,” reads a statement from the city laden with Swift song titles. Glendale Mayor Jerry Weiers is expected to announce whatever the new name is on Monday.

Daryl Morey Joins Utah Royals Ownership Group

The NWSL is coming [back] to Utah. The Utah Royals will join the league next season as part of a staggered three-team expansion, which also includes clubs in Boston and San Francisco. Daryl Morey and Jessica Gelman have stepped in as part of the ownership group, which also holds Real Salt Lake. Gelman confirmed the news, saying, “This is the right opportunity, with the right overarching ownership group, which has the same vision as us: to empower women, affect change and to do it right.”

Dolphins Double Down on Tua Tagovailoa

The Miami Dolphins picked up Tua Tagovailoa’s fifth-year option, guaranteeing the QB a $23.4 million salary for 2024. The 24-year-old, who’s still on a rookie deal making an average salary of $7,568,860, was eligible for the rookie extension which was projected around six years, $238.5 million. Instead, the Fins picked up the options and elected to see how the next two years play out before committing long-term. Tua guided Miami to its first postseason since 2016, but suffered multiple concussions that kept him out of four regular season games and one playoff game.

FIFA 23 Unveils NWSL Player Ratings

On Friday, EA Sports revealed the FIFA 23 ratings for all 12 National Women’s Soccer League teams, each of whom will be active on all the game’s platforms beginning March 15. At long last, soccer fans will get a first look at NWSL players and how they rank amongst the world’s best in the global smash hit simulation — the first time women’s club football will be featured in the FIFA franchise. Players debut in FIFA 23 on March 15, right before the start of the season on March 25.

Boardroom’s Anthony Puccio has more details here.