The class-action suit covers almost 2.5 million subscribers and could cost the NFL billions.
Full Video Transcript Below:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks hoping to end the week on a high note after a relatively flat trading session on Thursday. GameStopin particular is hoping for some better news. After riding another Roaring Kitty wave, the company announced net sales dropped 29% in the first quarter.
Investors are also reacting to the May jobs report. The U.S. added 272,000 jobs in May – far exceeding estimates of 185,000. The unemployment rate rose just a tick to 4%. This jobs report sets the stage for the Federal Reserve’s two-day policy meeting, which begins June 11th.
In other news – NFL Sunday Ticket subscribers are officially taking the league to court. The class action suit, which was first filed in 2015, alleges the NFL violated antitrust laws and forced fans to pay for out-of-market games that were being shown on CBS and FOX in other markets.
In a statement, a lawyer for the plaintiffs said “NFL, FOX, CBS and DirecTV agreed to make an expensive toll road that very few people would be able to afford. Every single competitor in this scheme benefited.”
The suit covers almost 2.5 million subscribers from 2012 to 2022 and has the potential to recoup $21 billion in damages. The rights to the Sunday Ticket package were previously held by DirecTV, but switched to Google-owned YouTube TV in 2023. YouTube charges $449 per season for the package.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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