🏀 Amazon Going All-In on Sports

Today’s market performance 🏆️ 

S&P 500: -1.57% 📉
Nasdaq: -1.92% 📉
Dow 30: -1.49% 📉
Russell 2000: -2.09% 📉

TOP STORY
😵 Logan Paul, KSI’s ‘PRIME,’ has been sued twice in April

“Prime,” a popular drink brand (backed by YouTube megastars Logan Paul and KSI), has been accused of containing “forever chemicals” in its drinks.

A woman from California states that she tested & found that Prime “Hydration Grape” contained harmful “forever chemicals,” known as per- and fluoroalkyl substances (PFAS).poly-

For lack of time, they’re bad for your body.

As expected, Logan Paul defended Prime on X, stating that the FDA has approved every ingredient, the company follows strict manufacturing regulations, and making it abundantly clear that they are ”not a rinky-dink operation.'“

Alright, next lawsuit: A woman in New York decided to file a class action lawsuit against Prime for “deceptive advertising” regarding the caffeine levels of its energy drinks.

The lawsuit claims that while ‘Prime Energy advertises 200 milligrams of caffeine per container, testing revealed levels between 215 and 225 milligrams.

The difference might not seem like a big deal, and it wouldn’t be, except that Prime's marketing strategy has been accused of targeting kids.

And if you ask any parent, I’m sure they'll tell you they’d prefer their 11-year-old not be hopped up on 200+ milligrams of caffeine.

But before you jump on Logan, here’s what the lawsuit got wrong:

• It’s entirely possible that Prime Energy has a bit more caffeine than it says, but that isn’t the product Prime aims to sell to minors.

• Prime has two main products: one with caffeine and one without Prime Hydration.

• Obviously, they aim for kids to drink the one without, but clearly, this could still be a little confusing for onlookers.

Thankfully, Logan summed it up for us:

"One is in a can and says ‘energy drink’ on it. The other is in a bottle. It says hydration drink on it. One is 18+; the other is suitable for all ages. And we believe we've done as good of a job as we possibly can, differentiating our products."

There you have it.

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STREAMING
🏀 Amazon is Going All-in on Sports Streaming… Nearing a Deal with the NBA

Over the weekend, we learned that Amazon has a framework deal for part of the NBA’s lucrative national broadcasting rights.

The deal would be for ten years, include the NBA playoffs, and be worth well into the eight figures, begging the question: 

Why would the biggest e-commerce giant be going "balls deep" into sports? Funny enough, Amazon’s actually been in the sports streaming realm for a while now:

• Hold the rights to the NFL’s “Thursday Night Football.”

• Streaming 21 Yankees MLB games this season

• Secured a two-year NHL streaming deal for Monday night games in Canada starting 2024–25.

• Acquired regional rights to broadcast Kraken NHL games on Prime Video in Washington, Oregon, and Alaska.

SPORTS
🏈 The 2024 NFL Draft breaks records, The City of Detroit wins big

This past week, NFL fans rejoiced over the first and last lick of football we'll see until the preseason: the NFL Draft.

While we were ecstatic to see the future stars of the league get drafted, I’m pretty sure the NFL media team and the city of Detroit are happier, given these numbers.

The first round of the draft averaged 12.1 million viewers (a 6% increase over last year) which is more than:

• Every game from the 2023 World Series

• Every game from the 2023 Stanley Cup Finals

• 4 out of 5 games from the 2023 NBA Finals

• All but one 2023 college football regular season game

Plus, a record 775,000 fans attended the actual draft in Detroit, which is expected to result in between a $175-200 million boost for local businesses.

Major Ws all around for the Motor City, NFL, and us, of course.

Here’s what else you might’ve missed…

Paramount ($PARA) CEO Bob Bakish is stepping down.

Take-Two Interactive ($TTWO), the makers of ‘NBA 2K’, were sued by Lebron James’ tattoo artists.

Caleb Williams, the #1 pick in the 2024 NFL draft, broke a Fanatics record for draft night jersey sales.

WNBA legend Candace Parker is officially retiring.