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The Dallas Cowboys, who last won a Super Bowl in 1996, are now worth $10+ billion

The Dallas Cowboys have become the first NFL franchise to be valued at more than $10 billion, according to a new report from Sportico released yesterday.

The Cowboys are now worth some $10.3 billion: a 12% increase from last year’s $9.2 billion valuation, and an impressive feat for a team that hasn’t even appeared in a Super Bowl since 1996. Although the Cowboys topped Sportico’s list, the Miami Dolphins saw the biggest increase in the top 10, with their estimated valuation jumping 29%, driven by big-name signings and Miami’s booming real estate market.

At the heart of these sky-high valuations are the NFL’s colossal TV deals. The sport’s structure is tailor-made for modern marketing, with commercials easily inserted between plays. This, plus a huge fanbase that ensures the sport dominates the most watched television broadcasts, has helped the league secure the most lucrative TV sports deal to date — a record ~$110 billion, 11-year contract.

Most valuable NFL franchises (per Sportico)

The Cowboys are now worth some $10.3 billion: a 12% increase from last year’s $9.2 billion valuation, and an impressive feat for a team that hasn’t even appeared in a Super Bowl since 1996. Although the Cowboys topped Sportico’s list, the Miami Dolphins saw the biggest increase in the top 10, with their estimated valuation jumping 29%, driven by big-name signings and Miami’s booming real estate market.

At the heart of these sky-high valuations are the NFL’s colossal TV deals. The sport’s structure is tailor-made for modern marketing, with commercials easily inserted between plays. This, plus a huge fanbase that ensures the sport dominates the most watched television broadcasts, has helped the league secure the most lucrative TV sports deal to date — a record ~$110 billion, 11-year contract.

Most valuable NFL franchises (per Sportico)

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Netflix climbs ahead of “Stranger Things” streaming premiere amid reports it is ramping up its efforts to acquire WBD

The final season of Netflix’s tentpole franchise “Stranger Things” debuts on the streamer at 8 p.m. ET on Wednesday, and its stock appears to be safely out of the upside down.

Netflix is trading up about 2% on Wednesday, on pace for one of its better days in the past three months. The stock has closed up more than 3% only a dozen times this year.

Potentially boosting investor optimism is a New York Post report from Tuesday evening that the streamer has ramped up its efforts to acquire Warner Bros. Discovery. According to the Post, Netflix has made a case to the WBD board that antitrust concerns may not be warranted because Netflix competes not just with other streaming companies but with a larger pool of content providers, such as YouTube and TikTok. If Netflix’s legal team is right, the idea could pave the way for the world’s largest streamer by subscriber count to buy the fourth-largest.

At least one major Hollywood player is rooting against the company in the WBD bidding war. “Titanic” and “Avatar” director James Cameron this week said that Netflix acquiring WBD “would be a disaster.”

Morgan Stanley analysts have also argued that Netflix’s pursuit of these studio and streaming assets was creating headaches for its investors.

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