Welcome to our quick hits irl Media NEWSLETTER. This is a shortened version of our regular Wednesday long-form newsletter, except a whole lot shorter, less wordy, and we’ll be delivering it to your inbox every Monday & Friday.

Still the same newsletter that brings you the business behind the news with a healthy dose of sarcasm, but now bite-sized.

In today’s newsletter we discuss Nike and the NFL signing a 13-Year partnership contract extension, SpaceX allows insiders to sell stock valuing the company at $350 billion dollars, a new memecoin called Fartcoin has a market cap worth $$837 million dollars, GM has decided to stop investing in Cruise and instead will absorb them into GM to offer consumers autonomous vehicles, Affirm gets $4 billion dollar line of credit from Sixth Street, Selena Gomez & Benny Blanco get engaged, SpinLaunch shoots a test satellite at 10,000 G’s into space, Carolina Panther’s Xavier Legette says he ate a raccoon for Thanksgiving.

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WHAT WE’RE READING

🏈 Nike & NFL Sign 13-Year Partnership Contract Extension

Nike and the National Football League have signed a contract extension for the next 13 years to continue providing the NFL with uniforms for the league’s 32 teams.

Why should sports fans care?

The NFL and Nike are committed to growing the sport of flag football internationally, and the more sports fans that play the game then more merch Nike will surely sell in the future.

By expanding the flag football’s footprint world wide, and opening it up to girls to be able to play a sport that they’ve largely been excluded from historically, Nike is expanding their Total Addressable Market (TAM), which is not only good for their bottom line but is also great for shrinking the disparity gap between what is typically thought of as men’s and women’s sports.

What the future holds

Nike’s contract extension begins in 2028 and runs through the 2038 season. According to reporting on the contract Nike has agreed to

“help the league ‘export American football overseas by promoting the sport and athletes in key markets’ internationally.“

What’s it worth?

The bidding was opened up to other apparel providers, but the belief was always that Nike had this contract in the bag.

Terms of the new contract extension haven’t been released, but if other firms were involved in the bidding it must have been competitive.

My guess is Nike views this contract extension as a loss-leader that helps them gain commercial exposure to rabid sports fans which helps them sell more merch worldwide.

💲 Business

SpaceX sees their valuation skyrocket to $350 billion dollars, becoming the world's most valuable private startup, after the company and investors purchased $1.25 billion dollars worth of company stock at $185 a share.

📈 Finance

Buy now & pay later company Affirm gets $4 billion dollar line of credit from Sixth Street.

 🚕 Tech

GM is tired of investing in their Cruise robotaxis operations as a standalone company, and will instead absorb the company and focus on rolling out personal autonomous vehicles.

♥️ Entertainment

Congratulations to Selena Gomez & Benny Blanco who’ve found love in this crazy world. The couple announced their engagement, with other celebrities chiming in with their well wishes including Taylor Swift who selflessly agreed to be the flower girl.

🛰️ Space

And the award for the quirkiest way to launch a satellite goes to SpinLaunch, who last week launched a 1U CubeSat prototype at over 10,000 G’s into space. Check out a video of their insane test flight.

🦃 Sports

I know turkey isn’t everyone’s favorite protein to enjoy at Thanksgiving, but I’ve never heard of eating a raccoon. That’s exactly what the Carolina Panther’s Xavier Legette says he ate on Thanksgiving. Must be a Southern thing.

💨 Crypto

Memecoins are back with the jokes that never seem to stop. The latest cryptocurrency that is taking over the vocabulary of manchildren around the world is called Fartcoin, which is a completely useless memecoin with no functionality, but what it does have is a $836.91 million dollar market cap.

So much news, so little time. Until next time I’m signing out.

— Chris Thompson

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