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November 5, 2022

Diddy Expands Empire with Cannabis Purchases

Sean “Diddy” Combs is expanding his empire into the cannabis industry. Diddy is set to acquire cannabis operations from Cresco Labs Inc. and Columbia Care Inc. for $185 million, it was announced Friday. The eventual purchase creates the country’s first minority-owned, “vertically integrated” multi-state cannabis company, which would make it the largest black-owned cannabis company in the country. Earlier this week, the former Bad Boy producer joined the coveted billionaire list

Read more from Boardroom’s Anthony Puccio.

Jeff Bezos Taps Jay-Z for Commanders Bid

The Commanders could be on the selling block. As a result, rumors are swirling as to who would like to be the franchise’s next owner. While the details of the potential sale continue to unfold, early estimates indicate that the sale could run as much as $6 billion. The Financial Times reported that Jeff Bezos and Jay-Z are planning to put in a joint bid for the team. Last year, their names were mentioned in the mix for the Denver Broncos.

Boardroom’s Randall Williams examined the path to expanded diversity in NFL ownership that the sale could potentially enable.

Nike Suspends Partnership with Kyrie Irving

Kyrie Irving doubled down on his assurance that he supported “all people” when addressing the media on Thursday afternoon. Following his comments, the Brooklyn Nets suspended him indefinitely after he failed to “unequivocally say he has no antisemitic beliefs.” The initial statement indicated that the suspension would run at least five games. Hours later, Irving issued an official apology on his Instagram, utilizing a black square to draw attention to the message. However, Irving continues to face the consequences of his actions. Nike announced it is suspending its relationship with the hooper on Friday. As a result, the company will not release the Kyrie 8, which was scheduled for a Nov. 8 release. 

University of Tennesse's Hender Hooker Scores NIL Deal with French's Mustard

We’ve seen some interesting NIL deals in the past two years, but this one is gold. What started as a meme is now celebrated, as University of Tennessee QB Hender Hooker locked in an NIL deal with French’s mustard — their first-ever NIL athlete, the company announced. This all started in 2017 when a fan famously threw a bottle of French’s yellow mustard onto the field following a loss to Ole Miss. UT faces Georgia for SEC glory – and a shot at the No. 1 spot on the AP Poll – in today’s action.

Read more on this from Boardroom’s Shlomo Sprung.

DraftKings Reports $502M in Revenue, Stock Drops with Narrow Earnings

Sports betting giant DraftKings generated $502 million in revenue in Q3 2022 — a 136% increase compared to Q3 of 2021. It’s a step in the right direction as the company tries to regain profitability. They’re projecting an adjusted EBITDA loss of $800 million in 2022. As a result of the ever-changing industry, and how sports betting sites/apps are getting into the television space, DraftKings and ESPN are close to signing an exclusive deal that “will have shows and perhaps odds integrated into game broadcasts,” according to The Action Network. However, the stock slipped in the wake of the report and restricted projections.