The Clap
Paramount Global (NASDAQ: PARA) renewed US media rights to UEFA Champions League football in a 6-year $1.5 billion deal.
The Deets
The new deal will pay about $250 million per year, up from about $100 million per year. This deal highlights the Champions League as one of the most valuable football properties in the US media.
Paramount outbid the likes of NBC, ESPN, Amazon, Apple, Fox, and more to seal the deal.
Why this Matters
Football is rapidly gaining popularity in the US, and this deal highlights this increase in popularity.
The UCL is one of the most popular competitions in football and has the ability to attract people to watch football games. This justifies why Paramount’s persistence to strike a deal with UEFA.
The UCL was just too attractive for Paramount ⚽️
