Transcript:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Investors are reacting to key inflation data – the personal consumption expenditures index was unchanged in May, and up 2.6 percent from a year ago, in line with Wall Street expectations. This reading, which is closely watched by the Federal Reserve, marks the lowest annual rise in inflation since March 2021.
In other news - The National Football League has been ordered to pay more than $4.7 billion for violating antitrust laws involving its Sunday Ticket package. The class action suit, which was first filed in 2015, claimed the NFL forced fans to pay for out-of-market games that were being shown on CBS and FOX in other markets. The suit covers almost 2.5 million subscribers from 2012 to 2022.
But the NFL might get hit a lot harder than $4.7 billion. Federal antitrust laws allow for damages to be tripled, meaning the league could wind up with a more than $14 billion bill.
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After the verdict, the NFL released a statement saying, "We are disappointed with the jury's verdict today in the NFL Sunday Ticket class action lawsuit," and that it would "certainly contest this decision as we believe that the class action claims in this case are baseless and without merit." The NFl plans to appeal.
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.
Related: NFL owners discuss changes that could drastically affect QBs
