The TLDR: June 19, 2023

The TLDR powered by Barstool Sports highlights some of the biggest stories and trends Barstool execs and insiders (including?Erika Ayers ) are keeping an eye on in the world of sports, media & tech. The newsletter is carefully curated by?Tyler Morin ?and drops every Monday morning.

Today's TLDR reflects the week beginning June 12th.

SPORTS

• Netflix plans to livestream its first sporting event, a fall golf tournament featuring Full Swing professional golfers and Formula One drivers. Read >
• Jeff Vinik, who purchased the Tampa Bay Lightning for $170 million in 2010, is set to sell a minority interest to Arctos for a valuation of $1.4 billion. Read >
• Michael Jordan will sell his majority ownership stake in the Charlotte Hornets for approximately $3 billion to a consortium led by Gabe Plotkin and Rick Schnall. Read >
• The Justice Department will review the PGA Tour's merger agreement with Saudi Arabia's LIV Golf due to antitrust concerns. Read >
• Netflix and the NFL have announced a creative partnership to produce a new series, taking inspiration from F1's Drive to Survive and The Redeem Team documentary, focusing on three NFL quarterbacks. Read >
• The impact of the 2023 NBA Finals was somewhat diminished by a short series featuring teams from two secondary media markets. Read >
• Manchester United shares surged over 20% in pre-market trading Tuesday after Sheikh Jassim bin Hamad Al Thani emerged as the winning bidder for the 20-time English league champions, as reported by Qatar's Al-Watan newspaper. Read >

MEDIA

• Spotify ends partnership with Prince Harry and Meghan's Archewell Audio after less than a year. Read >
• Post launches iOS app with 440K+ users joining the news-focused social network. Read >
• Media sector has announced over 17,436 job cuts in 2023, surpassing 2020 levels. Read >
• Users increasingly rely on social media platforms for news, with Facebook declining and TikTok gaining. Read >
• Time removes paywall, losing 250K digital subscriptions, but sees print subscribers grow to 1.3M with 19% revenue growth in 2022. Read >
• Global ad spending expected to grow 5.9% YoY to $874.5B in 2023, with digital advertising seeing slower growth. Read >
• Fox News sends Tucker Carlson cease-and-desist letter regarding his Twitter show, while his contract runs through December 31, 2024. Read >
• The Athletic lays off ~20 journalists, transitioning to broader coverage with new assignments. Read >

TECH/SOCIAL MEDIA

• Reddit reports 80% of top subreddits are open, with a decrease in restricted subreddits. Read >
• Twitch introduces Partner Plus tier, offering a 70/30 revenue split for creators with 350+ recurring paid subscriptions. Read >
• Meta expands Instagram's Broadcast Channels globally, allowing users to share public messages and content with followers. Read >
• Streamlabs launches Podcast Editor as part of the $19 per month Ultra package, offering text-based editing and content reformatting. Read >
• LVMH partners with Epic Games for immersive experiences using 3D tools, like virtual fitting rooms. Read >
• The US National Music Publishers' Association sues Twitter for alleged copyright violations of ~1,700 songs. Read >
• YouTube reduces Partner Program requirements to 500 subscribers and 3K watch hours or 3M Shorts views. Read >
• Twitter CEO aims to make the platform the most accurate real-time information source. Read >

ARTIFICIAL INTELLIGENCE

• Meta plans to make the next version of LLaMA commercially available, expanding beyond its current research-only license. Read >
• Senators Josh Hawley and Richard Blumenthal propose a bill to remove Section 230 protections for generative AI, sparking debates on its applicability. Read >