Here are the stories making headlines in the world of sports and business on Monday, August 10.
College Football's Concerns About the Coronavirus
According to reports from Sports Illustrated, the upcoming college football season is in serious doubts over concerns relating to the coronavirus.
The heads of all Power 5 conferences met over the weekend and are expected to come to the conclusion of postponing all fall sports, including College Football, until 2021. One conference commissioner told Sports Illustrated, “I think all of us will be meeting with our boards in the coming days. We have work to do that is no fun.”
The Big Ten conference is expected to be the first to cancel the 2020 fall season with the Pac-12, Big 12, SEC, and ACC all coming to the same conclusion by the end of the week. Presidents and Chancellors of schools in the SEC called an impromptu meeting scheduled for Monday afternoon.
From the student-athlete perspective, college football players from all five of the major conferences had a collective push on social media to form a college football players union. Led by Clemson quarterback Trevor Lawrence and Ohio State quarterback Justin Fields, college football players began posting the same graphic on social media which called for establishing a players’ union while using the hashtags #WeAreUnited and #WeWantToPlay.
Daily Coronavirus Update
There are over 19.9 million cases of the virus worldwide, with over 732,000 deaths. According to Johns Hopkins, the U.S. has surpassed 5 million cases with over 163,000 deaths. According to the COVID-19 Tracking Project, there were 51,291 new cases reported Sunday. 711,984 new tests were reported. And 616 deaths were reported yesterday.
TikTok Prepares Federal Lawsuit
TikTok is preparing to file a federal lawsuit as soon as Tuesday against President Trump’s executive order banning the service in the continental United States, arguing it is unconstitutional. A person familiar with the company’s plans told NPR on Monday that the company, which is owned by ByteDance, will file the lawsuit in the U.S. District Court for the Southern District of California, where TikTok's American operations are based.
The lawsuit will argue that President Trump's action is unconstitutional because it failed to give the company a chance to respond. It will also allege that the administration's national security justification for the order is baseless.
Under the executive order issued last week, “any transaction” between a U.S. citizen and TikTok's Beijing-based parent company will be outlawed in 45 days for national security reasons. TikTok officials see the executive order as a way of forcing an American company to move quickly to acquire the app's U.S. assets.
IAC's Investment in MGM
MGM Resorts International (MGM) - Get Report got a $1 billion influx of cash by way of 59 million shares being purchased by IAC /InterActive Corp. IAC chairman and media mogul Barry Diller now owns 12% of the casino, gaming and hotel giant.
Regarding the purchase, Diller, who founded Fox Broadcasting Company and USA Broadcasting, said in a statement “What initially attracted us to MGM, besides its leadership in leisure, hospitality, and gaming, was an area that currently comprises a tiny portion of its revenue – online gaming.”
Diller went on to write, "there is a digital-first opportunity within MGM Resorts’ already impressive offline businesses, and with our experience, we hope we can strongly contribute to the growth of online gaming.”
Latest Videos From TheStreet and Jim Cramer:
- Coronavirus Update: Kodak's Loan Is Frozen Pending SEC Probe
- TikTok to Sue Trump Administration? Latest News
- Stocks Falter Even as Job Gains Impress
- Who Has the Power to Delay the Presidential Election?
- Jim Cramer Says 'Get Out' of Kodak Stock
- Should You Give Financial Support to Family Amid the Pandemic?
- Rocket Companies CEO on Going Public, Building a Better Client Experience