NFL ordered to pay billions in 'Sunday Ticket' case

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why the NFL was ordered to pay almost $5 billion in damages.

Transcript

00:00I'm Conway Giddens reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:05Investors are reacting to key inflation data.

00:07The personal consumption expenditures index was unchanged in May and up 2.6 percent from

00:13a year ago, in line with Wall Street expectations.

00:17This reading, which is closely watched by the Federal Reserve, marks the lowest annual

00:21rise in inflation since March 2021.

00:26In other news, the National Football League has been ordered to pay more than $4.7 billion

00:31for violating antitrust laws involving its Sunday ticket package.

00:35A class-action suit, which was first filed in 2015, claimed the NFL forced fans to pay

00:41for out-of-market games that were being shown on CBS and Fox and other markets.

00:46The suit covers almost 2.5 million subscribers from 2012 to 2022.

00:52But the NFL might get hit a lot harder than the $4.7 billion.

00:57Federal antitrust laws allow for damages to be tripled, meaning the league could wind

01:02up with a more than $14 billion bill.

01:05After the verdict, the NFL released a statement saying, quote, we are disappointed with the

01:10jury's verdict today in the NFL Sunday ticket class-action lawsuit, adding that it would,

01:16quote, certainly contest this decision as we believe that the class-action claims in

01:21this case are baseless and without merit.

01:24The NFL plans to appeal.

01:26The rights to the Sunday ticket package were previously held by DirecTV, but switched to

01:31Google-owned YouTube TV in 2023.

01:34YouTube charges $449 per season for the package.

01:39That'll do it for your daily briefing from the New York Stock Exchange.

01:42I'm Conway Gittins with the Street.

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