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Sept 17 (Reuters) - Fox Corp FOXA.O:
FOX WEATHER EXPANDS DISTRIBUTION TO DIRECTV
Two weeks of the 2024 National Football League season are almost in the books with soaring interest from fans around the world, which could benefit media companies that have NFL rights.
What Happened: Viewership figures are in for the first week of the NFL season along with the first "Thursday Night Football" game from Amazon.com Inc streaming platform Prime Video, which kicked off the second week.
The first week saw NFL games average 21 million viewers, setting the highest opening-week average on record for the league.
Among the media companies that benefitted from the opening week of the NFL season were Comcast Corporation , Paramount Global , Fox Corporation and The Walt Disney Company .
Comcast had three prime-time games during the first week with the opening game on Sept. 5, a Peacock streaming exclusive on Sept. 6 and the opening weekend's Sunday Night Football game. Viewership for the opening kickoff game was 29.2 million, up 9% to last year's kickoff game, as reported by The Hollywood Reporter.
The Friday night Peacock exclusive game had an average of 14 million viewers. The opening Sunday Night Football game was watched by an average of 22.8 million people across NBC and Peacock.
Disney saw 20.5 million viewers for the first Monday Night Football game of the season across ABC, ESPN, ESPN2 and streaming platforms.
CBS and Fox also saw strong viewership for the Sunday afternoon games with Fox averaging an impressive 23.9 million viewers for the late Sunday afternoon national game between the Dallas Cowboys and Cleveland Browns, which was Tom Brady's Fox broadcast debut for broadcasting.
The second week of the NFL season kicked off with a ban with Amazon's first 2024 game seeing an average of 14.96 million viewers. The figure was the third largest Thursday Night Football game for Amazon ever and significantly ahead of the company's 2023 season average viewership of 11.8 million viewers.
Read Also: Kendrick Lamar To Perform Super Bowl LIX Halftime: Could Apple, Fox And Universal Music Get A Boost?
Why It's Important: Media companies continue to shell out millions of dollars for national sports rights, especially the NFL.
The strong opening week viewership show exactly why, as having the rights to key NFL games can help with advertising revenue and also boost streaming subscribers.
In 2023, 93 of the top 100 most watched shows were NFL games, according to data from Nielsen. A report from Variety showed that 45 of the top 100 most watched primetime broadcasts in 2023 were NFL games.
While Disney, Fox and Paramount have benefitted from NFL rights for many years, Comcast could be one of the biggest beneficiaries for the 2024 season with the extra primetime game in the first week and the potential boost to its Peacock streaming platform.
Amazon signed a big streaming-only deal with the NFL that has benefitted the company with additional branding boost for Prime Video and also led to more sign-ups for the streaming platform.
The streaming company's NFL deal also led to other streaming companies ready to commit more to live sports rights, including rival streaming platform Netflix Inc .
After years of focusing on what it calls sports adjacent programming of sports docuseries and specials, Netflix is now investing more in live sports content. The streaming giant will air its first NFL games in the 2024 season with two highly anticipated Christmas day matchups.
Netflix will stream the Kansas City Chiefs at Pittsburgh Steelers at 1 p.m. ET and the Baltimore Ravens at Houston Texans at 4:30 p.m. ET on Christmas Day. The games could provide a boost to Netflix's subscriber count, particularly its ad-supported plan which has been a large company focus.
For the NFL, media partners mean big dollars. For media partners, the NFL means big viewership and advertising money. A potential win-win for all parties involved.
Read Next:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Adds details of family's arrival at courthouse in paragraph 8
By Dawn Chmielewski
LOS ANGELES, Sept 16 (Reuters) - A battle over control of Rupert Murdoch’s global television and publishing empire begins Monday in a Reno, Nevada courtroom, where a judge will consider the contentious matter of succession.
Murdoch, 93, is attempting to change the terms of the family’s trust -- which holds significant stakes in Fox News parent FoxFOXA.O and Wall Street Journal owner News Corp NWSA.O. The billionaire is looking to ensure that, upon his death, the media companies remain under control of his eldest son, Lachlan Murdoch, according to the New York Times, which obtained a sealed court document detailing the succession drama.
A hearing to determine whether Murdoch is acting in good faith will take place in probate court, where the proceedings are closed to the public.
A Nevada judge on Thursday rejected an appeal by Reuters and other news organizations to open the hearings to the public.
The news organizations had said the fate of such culturally and politically influential media outlets was a matter of public interest, but the judge cited the need to prevent disclosure of confidential personal and financial information. Most documents also remain under seal.
The Murdoch trust was formed around the time of Rupert Murdoch's divorce from his second wife, Anna, in 1999. The trust is the vehicle through which the elder Murdoch controls News Corp and Fox, with roughly a 40% stake in voting shares of each company.
Upon Rupert Murdoch’s death, News Corp and Fox voting shares will be transferred to his four oldest children – Prudence, Elisabeth, Lachlan and James. Potentially, three of the heirs could out-vote a fourth, setting up a battle over the future of the companies, even as Lachlan Murdoch runs Fox and is sole chair of News Corp.
The Murdoch family members arrived in Reno on Monday morning for the hearing. James, Elisabeth and Prudence arrived first, and Rupert and Lachlan came later. The hearing was set to begin at 9 a.m.
Rupert Murdoch’s proposed amendment would block any interference by three of Lachlan’s siblings, who are more politically moderate, the Times reported, citing a sealed court document.
Lachlan Murdoch is viewed as ideologically aligned with his conservative father. James Murdoch, who has donated to progressive political groups, resigned in 2020 from the News Corp board, citing disagreements over editorial content.
(Reporting by Dawn Chmielewski; Editing by David Gregorio)
(( Dawn.Chmielewski@thomsonreuters.com ;))
Keywords: MURDOCH-TRUST/HEARING (UPDATE 1, PIX)
By Dawn Chmielewski
Sept 16 (Reuters) - Media mogul Rupert Murdoch arrived Monday morning at a Reno courthouse, where a battle over control of Murdoch’s global television and publishing empire will play out in a closed hearing.
Murdoch, 93, is attempting to change the terms of the family’s trust -- which holds significant stakes in Fox News parent FoxFOXA.O and Wall Street Journal owner News Corp NWSA.O. The billionaire is looking to ensure that upon his death, the media companies remain under the control of his eldest son, Lachlan Murdoch.
Lachlan and siblings Prudence, Elisabeth and James are also in Reno for the hearing.
(Reporting by Dawn Chmielewski)
(( Dawn.Chmielewski@thomsonreuters.com ;))
Keywords: MURDOCH-TRUST/ (URGENT)
Award-winning HBO series "Succession," which centered on a media company's patriarch struggle to find a successor for his company was a work of fiction that was well loved by viewers.
The real-life story that inspired the hit show is set to play out in court beginning this week.
What Happened: A battle for control of Fox News and other assets of Fox Corporation will take center stage in a Nevada trial this week that could impact one of the largest publicly traded media companies.
Media mogul Rupert Murdoch, who helped build Fox to what it is today, is seeking to change the succession plan for his company.
The family trust currently will see Murdoch's children share control of the company when the 93-year-old media mogul passes away, as reported by NPR. Murdoch is looking to revise the trust structure to ensure his eldest son, Lachlan Murdoch, who currently holds the roles of executive chairman and CEO of Fox Corporation and chairman of News Corporation , assumes full control of the company.
Murdoch's other children oppose the trust amendment.
The court battle pitting Murdoch against his children may also spark a dispute over the future direction of Fox News, particularly whether it should remain partisan, as it currently leans toward right-wing viewpoints. Son James Murdoch has been critical of Fox News' pro-Donald Trump stance in recent years.
While Lachlan and his father have battled over the years, much like the characters on "Succession," Murdoch now believes that the eldest son could best position Fox and News Corp for the future.
Murdoch set up a family trust that would hand equal share and equal control to his holdings after his death as part of an agreement when he left his second wife Anna Torv Murdoch Mann. The trust and a $110 million payout to Murdoch Mann helped the media mogul avoid a fight over his media holdings.
Recent tensions between Rupert Murdoch’s children and their father have led to several of them skipping his wedding to his fifth wife, Elena Zhukova, earlier this year.
The Murdoch succession court battle is scheduled to begin on Monday and will remain private. A motion by NPR and other media outlets to make the trial public was denied by the probate official. Murdoch and his four oldest children are expected to appear in court.
Read Also: Kendrick Lamar To Perform Super Bowl LIX Halftime: Could Apple, Fox And Universal Music Get A Boost?
Why It's Important: A change of Fox News could impact the large media company and take years to recover in viewership and advertising revenue as it charts a new path.
"If they were to change the direction and move into the direction of a CNN format, or go down the middle, it will lose its identity, lose viewers and lose revenues," former Fox News president Joe Peyronnin said, as shared by NPR.
James Murdoch has pushed for Fox News to be more similar to Sky News in Europe, a media company he previously ran when it was owned by Fox. James has been critical of the Murdoch family businesses coverage of topics like global warming and the 2020 election.
In 2023, Fox paid a record $787.5 million settlement in a defamation lawsuit from Dominion Voting Systems over allegations that Fox News falsely claimed the voting machines were fraudulent in the 2020 election.
With Fox and News Corp both publicly traded companies, the family battle will draw interest from investors and analysts, as the succession planning could determine what the future direction of the companies looks like.
FOX, NWS Price Action: Fox shares are up 0.4% to $36.91 on Monday, versus a 52-week trading range of $25.82 to $38.52. Fox stock is up 30% year-to-date in 2024.
News Corp stock is up 0.2% to $27.43 on Monday versus a 52-week trading range of $20.01 to $29.59. News Corp stock is up 7% year-to-date in 2024.
Read Next:
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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