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Closing Bell

Chelsea sale takes another step with EPL approval

Dodgers investor Todd Boehly's purchase of Chelsea is "on the brink of going through" after the EPL board "formally announced he had passed its ownership checks." The U.K. government is now "expected to announce imminently that ministers are now happy to press ahead with licensing the deal." However, the sale process is "not quite resolved" as outgoing owner Roman Abramovich is "still waiting for final approval on the sale from Portugal and Europe." European authorities are "involved as Abramovich is also sanctioned there and has had a Portuguese passport since last year." Proceeds from the deal "will only start changing hands once the European Commission has rubber-stamped the agreement" (London TELEGRAPH, 5/25).

SBJ Spotlight: TikTok’s threat to traditional sports media

While tech companies are consumed with finding ways to compete with TikTok, almost no one in conventional media “spends any time talking about it,” said Recode senior correspondent Peter Kafka in an Spotlight interview with SBJ’s John Ourand. “To me, that’s just an obvious disconnect.” Kafka authored a recent column headlined, “It’s TikTok’s world. Can TV live in it?” He said the main response to TikTok’s growth from traditional media execs has been to “punt and hope it’s someone else’s problem a quarter from now or two years from now.” But Kafka said that ignores the trend of conventional broadcast audiences growing older while a billion younger consumers spend most of their media time watching short video after short video. “If you’re in the business of getting anyone under the age of 30 to look at what you’re putting on a screen, you have to think about the fact that you’re probably asking them to put down TikTok and watch your thing instead,” said Kafka. “That’s a very difficult ask. … [TikTok] is insanely addictive.”

SBJ Morning Buzzcast: June 29, 2022

BioSteel makes a major move with the NHL, while the USFL looks for additional investors.

SBJ Unpacks: Thaddeus Young, NBA forward and venture capitalist

SBJ's Austin Karp posted up with NBA power forward Thaddeus Young. The 15-year veteran discussed his venture capital strategy, his investment in technology and much more.

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