The Varsity Ellison’s Playbook & NFL’s $100B Bonanza
Sep 28, 2025
Michael Nathanson, a veteran media analyst and founder of Moffitt Nathanson, shares insights into the ever-evolving world of sports media. He discusses David Ellison's aggressive spending at Paramount and why legacy media is clinging to live sports rights amidst cord-cutting. The conversation explores the NFL's potential early rights negotiations and innovative packaging strategies for streaming platforms. Nathanson also delves into the rising value of mid-tier sports and how YouTube is positioning itself as a major player in the TV landscape.
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NFL Rights Push And New Packaging
- The NFL plans to open its next media-rights cycle soon and legacy media are pushing to start negotiations early for investor certainty.
- The league can create new packages (e.g., international or re-cut Sunday games) to sell to streamers even without adding an 18th game.
Paramount's Big Sports Bet Sends A Signal
- Paramount's aggressive bid for UFC signaled the Ellison regime wants to be taken seriously in sports and studio content.
- Michael Nathanson found the UFC purchase surprising and questions whether Paramount should spend heavily so early.
Live Sports Are Legacy TV's Last Anchor
- Legacy broadcasters view live sports as their last defensible premium asset and will pay to retain eventized programming.
- Michael says sports rights are effectively what remains to protect linear business models.