Fever dream high
From The GIST Sports Biz (hi@thegistsports.com)
Hello!
Spring is here, and so is the Q1 wrap for many companies across the sports business world. As we prep for a busy Q2 featuring finales for women’s March Madness and the PWHL, we’re ready for new beginnings in the NWSL and WNBA. So before your calendar (and inbox) fills up, keep scrolling for all the latest in the industry.
Caitlin Clark
🏀 Earning her stripes
The GIST: Caitlin Clark is leading Iowa through March Madness as she broke another scoring record on her way to this weekend’s Sweet 16. As she draws GOAT comparisons, people are also recognizing her potential to transform the business of women’s basketball — WNBA CMO Phil Cook recently told SportsPro that she’s the next Tiger Woods. Just prodigy things.
The Clark Effect: In the interview, Cook noted how Clark’s decision to go pro is more akin to Woods’ decision than LeBron James joining the NBA. He said Tiger’s ascension transformed the PGA ecosystem, with golf undergoing a “renaissance” that will likely be replicated when Clark joins the WNBA. She already has affected the Indiana Fever, the W team expected to draft her No. 1 in April.
The Woods comparison: Simply put, Woods made golf cool and accessible to a new generation of fans, and his status as a golf prodigy brought a new celebrity atmosphere to the sport. Woods’ 27-year Nike partnership earned him about $660M, but it likely gave Nike much more. The company saw at least $22.5M in brand exposure during just the final round of his 2019 Masters victory.
- It’s well-documented that Clark is having a similar effect on women’s basketball by appealing to all demographics, especially young kids inspired by her game. And like Woods’ endless Nike sales, Clark has been tapped to help transform the collectibles market for WNBA athletes.
Zooming out: Tiger Woods is an example of how one generational athlete can transform a sport…but only if they have the proper infrastructure to thrive. Nike signed Woods before his pro debut, and many brands have already done the same with Clark, including Fever sponsor Gainbridge and State Farm, which has featured her in several commercials. Fever dream high.
Media
🐭 The big cheese
The GIST: Over the past few months, billionaire investor (and Brooklyn Beckham’s FIL) Nelson Peltz has been fighting to influence the future of Disney by joining its board. Peltz’s latest battle in the shareholder proxy war could have ramifications for leading sports media network and Disney cash cow ESPN, which has plans to go direct-to-consumer by next year. Can’t wait to be king.
The details: Peltz claims he has no issue with Disney CEO Bob Iger, but his hedge fund management firm Trian Partners withheld its votes to reelect Iger to Disney’s board on Monday. Peltz and former Disney CFO Jay Rasulo are looking to personally replace two of Disney’s 12 board recommendations before the company’s election during its annual shareholder meeting next week.
The context: Peltz has demanded a Disney board seat at least 24 times during the last three years, despite having minimal media experience. He has argued that Disney should be more proactive in its CEO succession strategy and future content plans. Last month, Fortune described these efforts as a “personal vendetta” against Iger.
- Peltz has also said that Disney’s ESPN and sports product strategy is “chaotic” and risky, while criticizing Marvel for its “woke” film strategy. Yikes.
The fight: Disney has noteworthy supporters on its side, including former CEO Michael Eisner, Star Wars creator George Lucas, proxy-advisor firm Glass Lewis, and the families of Walt Disney and Steve Jobs.
- The Wall Street Journal estimated this could become the most expensive shareholder fight in history, with more than $70M projected to be spent by the warring parties on marketing materials and proxy solicitors before next week’s decision.
Zooming out: Even if Peltz does get what he wants, having only two of 12 board seats will still make it challenging for him to enact significant changes — like merging ESPN+ with Netflix. And when it comes to succession plans, it looks like a rumored bid for ESPN executive Jimmy Pitaro to succeed Iger remains on track. Stay tuned.
Together With The GIST
Looking for a new listen? Check out our twice-weekly podcast, The GIST of It. Hosted by BFFs Ellen Hyslop and Stephanie Rotz, it’s the women-produced and -hosted sports pod you’ve been waiting for.
But don’t just take our word for it. Here’s what our listeners are saying:
- “They are enthusiastic and funny, and I don’t miss an episode!” (Ronbenlisa)
- “The best sports podcast on the air!” (_Jo777)
- “Finally a podcast that gives women’s sports the attention it deserves.” (Dnp!!)
Join the conversation (and these happy listeners!) by subscribing to The GIST of It wherever you listen to podcasts.
🏀 Aforementioned ESPN exec Jimmy Pitaro expects the WNBA to join in on the NBA’s upcoming media rights deal.
🏒 PWHL New York is upgrading from Connecticut’s 10K-seater Total Mortgage Arena to the 16.5K-capacity Prudential Center and 17.2K-seater UBS Arena, both of which are NHL venues.
🎟️ First and second round attendance at this year’s women’s March Madness tournament was a record 292.4K, a 27% increase YoY.
📺 Xfinity joins the long list of companies recruiting Caitlin Clark for innovative ad campaigns. Not all Caitlin Clarks are the same.
🏈 The NFL navigates succession issues as two of its few women owners — Houston Texans co-founder Janice McNair and San Francisco 49ers co-chair Denise DeBartolo — transfer ownership to their respective sons.
🎾 Chinese video platform Youku signed multiyear streaming agreements with the WTA and ATP, one year after the WTA decided to resume events in China.
🎓 The final two Pac-12 members signed a formal exit agreement with the 10 schools leaving the conference, causing these universities to forfeit over $65M.
🏟️ Progressive Field will enter the 2024 MLB season as the league’s first facility with Aunt Flow dispensers in its restrooms. Progress.
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💁♀️ How to stay trendy
With Gloria’s free weekly newsletter where you’ll find expert interviews and curated fashion recommendations so that you never go out of style. So fetch.
🏀 What to learn about
The physics behind Caitlin Clark’s shot. Engineers, her trainer, and researchers have broken down why the Iowa superstar is among basketball's best shooters. Incredible stuff.
⚽ Who’s making moves
NJ/NY Gotham FC. After expanding their NWSL championship-winning roster with stars like Crystal Dunn and Rose Lavelle, the squad is aiming to grow the game and women’s sports as a whole.
Today's email was brought to you by Aryanna Prasad and Briana Ekanem. Fact checking by Bonnie Lee. Editing by Lindsay Jost. Operations by Elisha Gunaratnam and Lisa Minutillo. Ads by Lauren Tuiskula, Dee Lab, and Alexis Allison. Managing edits by Molly Potter and Ellen Hyslop.