Stories Shaping Sports and Business: April 29th
Pay Day Coming for NCAA Student-Athletes
College athletes are one step closer to making money while they are still in school. The NCAA’s governing body says it would sign off on the proposal allowing college athletes to get paid for their name, likeness, and images. That means they would be able to get paid to sign autographs, appear in commercials and sign endorsements deals.
The NCAA did say student-athletes are prohibited from using school logos or trademarks in any type of endorsement deal, but would be allowed to identify themselves by sport and school. The NCAA also said schools would not be allowed to pay student-athletes directly.
The NCAA's Board of Governors recommendation is not final, but this is a huge step in the right direction for student-athletes being able to profit off their own name. The NCAA’s annual revenue is right around $1 billion.
The new rule, if approved by Division I, II, and III, would go into effect in 2021.
NFL and Amazon Extend Streaming Partnership
The NFL and Amazon renewed their partnership for streaming Thursday Night Football. The two sides announced that Amazon will be the exclusive streaming partner and will once again stream the mid-week game on Amazon Prime TV for the next three seasons.
The National Football League and Amazon originally agreed to a $130 million streaming partnership in 2018, but this new renewal is reportedly higher according to CNBC. Also included in this agreement is Amazon getting the exclusive rights to a national regular-season game which will be on a Saturday in December. That’s the first time Amazon will have television rights to a game.
There are more than three million cases of the coronavirus worldwide, with over 218,000 deaths. The U.S. has over a million cases, and is nearing 60,000 deaths. New York has nearly 300,000 cases, with over 18,000 deaths. Spain has 236,000 cases and 24,000 deaths.
Unfortunately, we’re seeing more and more public companies laying off employees or reportedly considering layoffs. Today, Boeing announced that it plans to cut 10% of its workforce. Lyft, in an 8k filing, disclosed that it haircut 17% of its workforce, or 982 employees. Uber is reportedly considering cutting 20% of its workforce, which would total around 5,400 jobs. Juul, per the Wall Street Journal, is planning to cut a third of its workforce, which could translate between 800 and 950 people. TripAdvisor cut 25% of its workforce yesterday, which is around 900 employees.
TheStreet's Katherine Ross contributed to this report.