The National Football League is partnering with British marketing firm WPP (WPPGY) and investment firm Bruin Sports Capital to attract more European viewers to TV and mobile streaming of the NFL.
As part of the deal, Bruin and WPP will form an independent company with exclusive rights to market and sell the NFL's Game Pass, a program giving fans on-demand access to all NFL games, full replays, condensed games, the RedZone channel and other football content.
That company will be based in London and will concentrate on selling the product everywhere in Europe's 61 territories.
The venture is said to require least a $10 million investment to get started and the parties will share profits from the venture.
What's Hot On the TheStreet
All eyes on Apple this week: Apple's (AAPL - Get Report) stock will be on the minds of Wall Street bit more than the norm this week. Shares of the tech giant have fallen 6.9% since the Nasdaq's peak on June 8 amid a broader selloff in tech. Not helping near-term sentiment on the company are two rare analyst downgrades that have questioned how big a seller the iPhone 8 will be.
But investors shouldn't be ready to throw in the towel on Apple by any stretch of the imagination.
"When you have these sellers come in, all you have to do is wait them out -- and one of the things I learned as a hedge fund manager is that patience is a true virtue," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on Apple's recent slide.
After the deal was announced on Friday, U.S. Rep. Ro Khanna (D-Calif.) urged the U.S. Department of Justice to conduct a review on the merger's legality and possible harm to the economy.
"I am concerned about what this deal means for suppliers and neighborhood grocery stores," Khanna said in a statement. "The Justice Department and FTC must undertake a review that considers not just the merger's impact on prices, but also the impact on jobs and wages. We need to reorient antitrust policy to factor in the harm that economic concentration causes for American workers."
Meanwhile, Whole Foods shares are trading above Amazon's offer price as to suggest a bidding war may ensue.