🇺🇸 Biden steps out of Presidential race

PLUS: Reddit dives into sports content; TNT still fighting for NBA rights.

Today’s market performance🏆️

S&P 500: +1.08% 📈
Nasdaq: +1.58% 📈
Dow 30: +0.32% 📈
Russell 2000: +1.66% 📈

In partnership with

TOP STORY
🇺🇸 Joe Biden has dropped out of the presidential election

📸 CNN

In a shocking yet understandable decision, President Biden and the Democratic Party decided it was best for him to step aside.

“It has been the greatest honor of my life to serve as your President. And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term.”

Subsequently, Biden endorsed Vice President Kamala Harris to succeed him.

  • “My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President.”

  • “Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year.”

📸 Getty Images

In addition to Biden, Democratic legends Bill and Hillary Clinton have endorsed Harris as well.

Here’s a longer list of Harris’s endorsers:

  • Rep. Nancy Pelosi - Former Speaker of the House

  • Sen. Elizabeth Warren - U.S. Senator from Massachusetts

  • Rep. Jim Clyburn - U.S. Representative from South Carolina

  • Gavin Newsom - Governor of California

  • Pete Buttigieg - U.S. Secretary of Transportation

  • Gov. Andy Beshear - Governor of Kentucky

  • Gov. JB Pritzker - Governor of Illinois

  • Gov. Gretchen Whitmer - Governor of Michigan

  • Sen. Patty Murray - U.S. Senator from Washington

  • Sen. Amy Klobuchar - U.S. Senator from Minnesota

  • Gov. Katie Hobbs - Governor of Arizona

Notably, Barack Obama did NOT endorse Harris as Biden’s successor.

But Harris, as the Democratic nominee, isn’t a shoo-in.

DNC Chair Jaime Harrison said in a statement that the party will be taking a “transparent and orderly process to move forward” to choose the deserving nominee.

It’s not exactly clear what happens next for the Democrats, but it seems their only goal is to take down the bulletproof man, Donald Trump.

📈 Vice President Kamala Harris' presidential campaign has already raised a staggering $46.7 million through ActBlue.

FROM OUR FRIENDS @ GROWTH SCHOOl

🤖 Learn 20+ AI Tools, ChatGPT & Prompt techniques for FREE

This 3-hour ChatGPT & AI Masterclass will help you automate tasks & simplify your life using AI at no cost. (+ you get a bonus worth $500) 🎁

👉Save your spot now (FREE for First 100 people only) 🎁

This masterclass will help you:

Make quicker & smarter decisions with AI-driven insights on data
Automate daily tasks and increase productivity & creativity
Solve complex business problems using the power of AI
Build stunning PPts & create content in seconds

SOCIAL MEDIA
📱 Reddit is diving deep into sports

📸 AdAge

Reddit has struck deals with the NFL, NBA, and MLB to show game highlights, behind-the-scenes videos, and AMA sessions with players.

  • The plan is for these partnerships to boost Reddit’s revenue just a few months after the company went public.

  • In exchange for the content, advertisers like Samsung, Ford, Volkswagen, and FanDuel can show ads alongside the sports videos.

  • Reddit will then share the ad revenue with the sports leagues.

  • PGA Tour and NASCAR are also partnering with Reddit.

So the major leagues get some extra cash, and Reddit gets some more unique content.

This partnership actually began during the 2023–2024 season with Pro Bowl players and NFL schedule planners.

Sponsored
Knocked-up MoneyIf your kids are screaming in the background and your finances are a mess, this is the place for you. The free weekly newsletter helping parents make and save more money.

💬 "We’re building more ways for businesses to engage with Reddit’s communities, benefiting everyone.”

Reddit COO Jen Wong

📈 Reddit ($RDDT) stock is up 35.07% this year.

ENTERTAINMENT
🏀 Warner Bros. Discovery will match Amazon’s bid for NBA games

📸 Getty Images

Warner Bros. Discovery (TNT) has told the NBA it will match Amazon’s bid for a package of games.

Amazon’s bid for about $1.8 billion per year is a streaming-only package, while WBD’s current “TNT Sports” televises the games on TNT and also streams them on Max.

The deal is also structured so that Amazon will pay the NBA three years of rights payments up front, which will be held in escrow, or a roughly $5.4 billion check.

A move that was meant to block WBD’s match. Damn, TNT trying to pull off a real David and Goliath.

But can they even do that?

📸 Chris Smith/TheWrap

Technically, they can offer as much as they want, but the NBA still has to decide to allow WBD to match the deal.

  • Disney will remain the NBA’s partner for the “A” package, including the NBA Finals.

  • NBC Sports is in line to get the “B” package for around $2.5 billion annually.

  • Amazon will get the “C” package for about $1.8 billion annually.

What happens next? The two most plausible outcomes are a settlement or a lawsuit from WBD.

  • A settlement could involve a deal, like a small fourth rights package for TNT Sports or a cash payment to WBD.

  • If the league rejects the match outright, WBD might sue to have a judge decide what qualifies as a "match" in rights.

Let the media battle commence!

📉 Warner Bros. Discovery ($WBD) stock is down -26.67% this year.

📈 Amazon (AMZN) stock is up +21.76% this year.

Reply

or to participate.