People lose money in the stock market when they follow their emotions and ignore the data. Similarly, the public tends to lose money when they place bets rooting for their home team rather than what the actual numbers suggest. The growth of sports betting means that the entire environment of watching sports and entertainment has changed
MUSIC SERVICES STARTUP EXPECTED TO RECEIVE A LARGE CHECK
Kobalt is a music technology and services company that grants artists royalties and serves a platform for music production. This startup is viewed extremely positively in the eyes of investors due to its software management system for digital content, which enables artists who purchase Kobalt’s services to effectively view user data and song performance across music streaming apps. The company champions the right of the artist--a right that is often forgotten in pursuit of additional income by other businesses in the music industry.
INVESTING IN MARIJUANA STARTUPS WITHOUT TOUCHING THE CANNABIS
In 2017, sales of medical and recreational cannabis in the United States were nearly nine times higher than Oreo cookies and almost on par with Americans’ collective spending on Netflix subscriptions. Annual cannabis retail sales continue to grow year-over-year as new markets emerge and more states legalize medical and recreational marijuana.
Apple Considers Stake in Bankrupt iHeartMedia
iHeartMedia is a mass media company that owns iHeartRadio, which is a free broadcast and internet radio platform. iHeartMedia aggregates 850 local iHeart radio stations across the United States and it is the biggest US radio station owner. In 2008, iHeartMedia was taken private by Bain Capital and Thomas H. Lee Partners through an $18bn leveraged buyout.
BLACKSTONE SELLS REMAINING STAKE IN SEAWORLD TO CHINESE INVESTMENT FIRMS
On March 24th, Blackstone sold its stake in SeaWorld Entertainment Inc. for $448.5 million to Zhonghong Group, a Chinese holding company that focuses on opportunities in the leisure and tourism space. Prior to the sale, Blackstone was SeaWorld’s largest shareholders with 19.5 million shares. Zhonghong Group agreed to purchase Blackstone’s stake in the theme park for $23 per share, which represents a 33% premium from the previous day’s closing price of $17.31.
UFC KNOCKING OUT COMPETITION
When discussing the UFC on ESPN, Analyst Max Kellerman said that “UFC has created the marketplace for MMA in this country [USA].” Within the United States, UFC has grown to be the monopolist in mixed martial arts entertainment; however, the company is in need of guidance in order to expand successfully. The organization produces over 40 live events annually, and provides the most Pay-Per-View content in the world.
CAESARS ENTERTAINMENT: APOLLO’S GAMBLE
This past month, an agreement was finally reached between Apollo & TPG Capital—the two private equity firms that controlled a majority stake in Caesars Entertainment—and its largest creditors. This deal marked the end of what has been an extremely contentious and often ugly series of lawsuits and failed negotiations in a bizarre tale of a Wall Street players going head-to-head. The clear winners of the new agreement are second-lien bondholders including David Tepper’s Appaloosa Management and Oaktree Management, amongst others, which held just under $900 billion in bonds at one point.