NEW YORK (TheStreet) -- Shares of Amazon.com (AMZN) - Get Report were down in mid-morning trading on Friday as the e-commerce giant is looking to secure streaming rights for a wide range of sports, such as the French Open tennis championship.
Amazon.com is looking to stream sports with global appeal, Bloomberg reports, citing sources. It's also interested in popular U.S. sports like basketball and football, but most streaming rights are currently unavailable for those sports.
The venture would offer programs viewers can't get from competitors like Netflix (NFLX) and dissolve traditional media companies' control over such TV content.
Amazon.com has been exploring a live online pay-TV service since 2015.
The company has been looking to increase its reach into sports content, as it recently hired former Sports Illustrated executive James DeLorenzo to oversee its sports division, Bloomberg noted.
Sports are the most expensive properties in media. Companies such as Walt Disney Co.'s (DIS) ESPN pay as much as $2 billion per year for the National Football League.
Amazon.com could offer other companies' services as add-ons to its Prime service, such as Major League Baseball, which has its own network and streams games over the Internet using their own app.
(Amazon.com is held in the Growth Seeker portfolio. See all of the holdings with a free trial.)
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
The team rates Amazon.com as a Buy with a ratings score of B-. COM INC (AMZN) a BUY. This is driven by some important positives, which it believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks it covers. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, robust revenue growth, expanding profit margins and good cash flow from operations. The team feels its strengths outweigh the fact that the company has had generally high debt management risk by most measures that it evaluated.
You can view the full analysis from the report here: