CNBC Sport

ESPN Chairman Jimmy Pitaro explains how the network plans to grow amid cord-cutting, rising sports-rights costs and the shift to direct-to-consumer streaming. He also discusses ESPN’s interest in future World Cup rights, local NBA broadcasts, its expanding NFL relationship and the role of ESPN within Disney’s broader streaming strategy.

ESPN is navigating one of the most consequential transitions in sports media: maintaining the value of traditional pay television while building a direct-to-consumer streaming business that reaches fans wherever they choose to watch.

In this episode of CNBC Sport, Alex Sherman speaks with ESPN Chairman Jimmy Pitaro about the network’s strategy for growing audiences and operating income as cord-cutting continues, advertising remains under pressure and the cost of premium sports rights rises.

Pitaro explains why ESPN is pursuing parallel distribution paths rather than abandoning the cable bundle. Traditional pay-TV subscribers can access ESPN’s direct-to-consumer features through the ESPN app, while viewers without cable can subscribe through ESPN’s standalone service or streaming bundles involving Disney+, Hulu, NFL+ Premium and Fox One.

The conversation also explores ESPN’s ambition to remain the “front door” for sports fans by reducing friction and bringing more live sports content into a single app. Pitaro discusses the integration of CW Sports and NFL Network programming, as well as ESPN’s broader partnership with the NFL following its acquisition of NFL Network, NFL RedZone linear rights and the RedZone brand.

Other topics include ESPN’s disciplined approach to sports-rights spending, its interest in bidding for the 2030 and 2034 FIFA World Cups, and its desire to help solve the local sports-media challenges created by the decline of regional sports networks. Pitaro outlines how ESPN could use its reach and technology to distribute local NBA and other in-market games, potentially through non-exclusive agreements.

The episode also covers Major League Baseball’s labor outlook, changes improving the pace and presentation of baseball, the growth and current tensions surrounding the WNBA, and ESPN’s strategic importance within Disney under CEO Josh D’Amaro.

Topics discussed:

ESPN’s direct-to-consumer and pay-TV strategy

Cord-cutting, advertising pressure and operating-income growth

Pricing and bundling for ESPN, Disney+ and Hulu

ESPN’s partnership with the NFL and integration of NFL Network

The value and rising cost of premium sports rights

Potential bids for the 2030 and 2034 FIFA World Cups

Local NBA media rights and regional sports network alternatives

MLB streaming rights and possible labor disruptions

WNBA growth, media coverage and Caitlin Clark

ESPN’s role in Disney’s broader streaming strategy

Timestamps:

01:45 ESPN’s ratings growth and parallel distribution strategy

04:10 Measuring direct-to-consumer growth and total ESPN households

05:14 ESPN pricing and the Disney+, Hulu and ESPN bundle

06:09 Future media partnerships and streaming bundles

07:50 CW Sports and NFL Network integration

08:17 ESPN’s relationship with the NFL

09:43 Balancing NFL costs with the broader sports-rights portfolio

10:58 ESPN’s interest in future FIFA World Cup rights

12:37 Local NBA broadcasts and regional sports network alternatives

15:03 MLB rights, labor uncertainty and contingency planning

16:49 WNBA growth, tension and ESPN’s coverage responsibilities

18:21 ESPN’s role under Disney CEO Josh D’Amaro

19:46 ESPN’s financial performance and transparency

Brands, leagues and services mentioned include ESPN, CNBC Sport, Disney+, Hulu, NFL Network, NFL RedZone, NFL+ Premium, Fox One, CW Sports, YouTube TV, DirecTV, Comcast, Charter, the NFL, NBA, WNBA, MLB, NHL and FIFA.

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Bill Foley joins Alex Sherman to explain why his ownership group is positioned to bring an NBA expansion team to Las Vegas, followed by an interview with Rick Horrow on the excitement and business impact of the World Cup.

Bill Foley, owner of the Vegas Golden Knights, joins Alex Sherman for a detailed conversation about his bid to own a potential Las Vegas NBA expansion franchise. Foley lays out why he believes Las Vegas is ready for an NBA team, how the Golden Knights’ success has prepared his organization, and what kind of ownership culture he would bring to professional basketball.

The episode also features an interview with Rick Horrow, who discusses the excitement around the World Cup and its impact on the global sports business landscape. Together, the conversations explore how major sports franchises, international soccer, media rights, fan engagement, and live events continue to shape the future of sports ownership and investment.

 

Topics discussed:

 

Why Bill Foley believes Las Vegas is ready for an NBA expansion team

How the Golden Knights’ “Vegas Born” identity shaped Foley’s ownership approach

The potential NBA expansion fee and long-term franchise valuation

T-Mobile Arena as the likely initial home for a Las Vegas NBA team

Building a world-class practice facility for NBA and NHL operations

How Foley’s “team first” philosophy could translate from hockey to basketball

Sports betting concerns and professional sports in Las Vegas

Foley’s international soccer portfolio, including AFC Bournemouth and Auckland FC

The excitement surrounding the World Cup

Rick Horrow’s perspective on the business of global sports events

Sponsorship, ticketing, media rights, and synergies across sports ownership groups

Local broadcast strategy and opportunities to bundle sports media assets

Possible naming themes for a Las Vegas NBA franchise

Whether Las Vegas can support more professional sports teams

 

Timestamps:

01:30 Bill Foley’s pitch for owning a Las Vegas NBA franchise

03:18 Why Foley has been preparing for NBA expansion for years

04:20 Lessons from owning the Vegas Golden Knights

05:11 How expansion fees factor into the NBA ownership decision

06:08 Why Foley believes his group can compete financially

07:03 Long-term NBA franchise value and sports scarcity

08:10 Sports betting concerns in Las Vegas

08:50 Foley’s international soccer investments and World Cup impact

10:09 Synergies across Foley’s sports ownership portfolio

11:17 What kind of owner Foley says he would be

12:03 NBA expansion timeline and presentation process

12:58 Local media strategy for a Las Vegas NBA team

13:43 Potential naming ideas for the franchise

14:35 Why Foley is not worried about Las Vegas sports oversaturation

15:41 Advice from current NBA owners

16:16 Closing thoughts on the possible Las Vegas NBA franchise

Mentioned in this episode:

Bill Foley

Alex Sherman

Rick Horrow

Vegas Golden Knights

Las Vegas NBA expansion

NBA Board of Governors

Adam Silver

T-Mobile Arena

AFC Bournemouth

Auckland FC

Silver Knights

Nighthawks

CNBC

Scripps Sports

World Cup

Otter.ai

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Buffalo Bills quarterback Josh Allen joins Alex Sherman to discuss Super Bowl expectations, fatherhood, sleep, brand partnerships, New Balance, investing, and life after football. Allen shares how he manages pressure, thinks about his personal brand, and prepares for the next chapter of his NFL career.

 

Episode Notes

Buffalo Bills quarterback Josh Allen joins Alex Sherman for a wide-ranging conversation on football, business, sleep, fatherhood, and the mindset required to lead one of the NFL’s most passionate fan bases.

Allen opens up about becoming a new father to his daughter Harper and how parenthood has changed his perspective on rest, recovery, and interrupted sleep. He discusses his partnership with Natrol and explains why sleep has become an even more important part of his routine as he balances family life, training, and the demands of an NFL season.

The conversation also dives into the pressure surrounding the Buffalo Bills and the pursuit of a Super Bowl. Allen explains why he does not focus on outside expectations, how he handles internal pressure, and why bringing a Lombardi Trophy to Western New York remains the team’s ultimate goal.

Sherman and Allen also cover the business side of being a franchise quarterback, including Allen’s approach to brand partnerships, authenticity, and long-term alignment with companies he genuinely believes in. Allen discusses his move from Nike to New Balance, what impressed him about the brand’s direction, and how he thinks about future opportunities in football, broadcasting, investing, and life after the NFL.

 

Topics discussed:

Josh Allen’s transition into fatherhood

Sleep, recovery, and his partnership with Natrol

Managing Super Bowl expectations in Buffalo

Internal pressure versus outside pressure

The Bills’ roster-building process and front office communication

Buffalo’s new stadium and home-field advantage

Personal branding and authentic sponsorships

Moving from Nike to New Balance

Playing style, longevity, and taking hits as a quarterback

Investing, private equity, and post-football planning

Broadcasting as a possible future path

Golf, training camp, and team bonding

 

Timestamps:

01:37 Managing pressure from Bills fans and Super Bowl expectations

03:17 Allen’s mindset and whether he works with a sports psychologist

03:41 How involved Allen is in Bills personnel decisions

05:02 First impressions of Buffalo’s new stadium

06:04 How Josh Allen thinks about his personal brand

06:22 Why Allen partnered with Natrol

07:20 Moving from Nike to New Balance

08:13 Playing aggressively, recovery, and sleep products

09:26 Thinking about life after football

10:15 Whether broadcasting could be part of Allen’s future

10:51 Investing, private equity, and values-based opportunities

11:44 Golf, fatherhood, and offseason routines

12:09 Training camp, family, and team chemistry

 

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PLL co-founder and President Paul Rabil joins Alex Sherman to discuss the Premier Lacrosse League’s $100 million funding round, its path toward team ownership, and how the 2028 Olympics could accelerate lacrosse’s growth. The conversation covers media rights, player salaries, AI, youth development, women’s lacrosse, and what it takes to build a mainstream pro sports league.

Episode Notes

Premier Lacrosse League founder Paul Rabil sits down with Alex Sherman to break down the business strategy behind the PLL’s latest funding round and the league’s long-term plan to turn lacrosse into a larger professional sports property. Rabil explains why investors are increasingly interested in sports leagues, how the PLL’s single-entity C-corp model differs from traditional leagues, and why lacrosse’s return to the Olympics in 2028 could create a major growth window for the sport.

The conversation explores how the PLL is thinking about team sales, local ownership, sponsorship, media rights, player compensation, and the challenge of converting casual sports fans into lacrosse fans. Rabil also discusses how the league uses social media, storytelling, youth development, women’s lacrosse, and AI to scale more efficiently while building a stronger foundation for the future.

 

Topics discussed:

Why sports leagues are attracting institutional investors

The PLL’s $100 million funding round and investor pitch

How the PLL’s single-entity model supports future team sales

Potential exit strategies for league investors

The future of PLL expansion, local ownership, and home markets

Player salaries, marketing opportunities, and the path toward full-time pro lacrosse

How sponsorship, media rights, tickets, merchandise, and youth participation drive revenue

The impact of NIL on lacrosse and emerging sports

What it takes to create crossover stars in lacrosse

Lessons from Caitlin Clark, Tiger Woods, Conor McGregor, Michael Jordan, Tony Hawk, and Charlotte North

Why film, television, and documentary storytelling matter for emerging sports

How PLL Play and PLL Assist connect youth lacrosse to the professional game

Why the 2028 Los Angeles Olympics could be a major moment for lacrosse

How the PLL is making broadcasts more accessible to new fans

The NHL as a growth comparison for professional lacrosse

How the PLL is using AI across creative, technical, and analytics functions

The cultural perception of lacrosse and how access, women’s sports, and youth growth are changing the game

 

Timestamps:

01:00 Paul Rabil explains the investor pitch behind the PLL’s new funding round

02:46 How the PLL’s single-entity C-corp model differs from traditional sports leagues

03:35 Why lacrosse’s return to the Olympics creates a strategic growth window

04:40 How investors could see returns through team sales and league growth

07:55 Rabil describes the current state of the PLL and future expansion goals

09:22 Player salaries, wage growth, and making professional lacrosse more sustainable

12:03 Why sponsorship is the PLL’s biggest revenue category

13:30 How NIL benefits lacrosse and other emerging sports

14:14 The challenge of creating the next crossover lacrosse star

17:21 Why sports documentaries and scripted storytelling can grow participation

18:31 How PLL Play and PLL Assist connect youth participation with the pro league

19:16 The importance of the 2028 Olympics for lacrosse and the PLL

20:44 How the PLL is trying to reach sports fans who are new to lacrosse

24:06 How the league is using AI to support content, analytics, and operations

25:07 Future innovations in broadcast production and fan engagement

27:00 Rabil addresses lacrosse’s cultural image and the importance of access

29:46 The growth of women’s lacrosse and the opportunity for the Women’s Lacrosse League

Mentions and resources:

Premier Lacrosse League: https://premierlacrosseleague.com

Women’s Lacrosse League: https://premierlacrosseleague.com/wll

PLL Play: https://premierlacrosseleague.com/play

PLL Assist: https://premierlacrosseleague.com/assist

ESPN: https://www.espn.com

LA28 Olympic Games: https://la28.org

Olympics: https://olympics.com

MSG Sports: https://www.msgsports.com

Arctos: https://www.arctospartners.com

Ares Management: https://www.aresmgmt.com

Apollo Global Management: https://www.apollo.com

TKO Group: https://www.tko.com

NWSL: https://www.nwslsoccer.com

WNBA: https://www.wnba.com

NHL: https://www.nhl.com

Major League Soccer: https://www.mlssoccer.com

League One Volleyball: https://www.lovb.com

Netflix: https://www.netflix.com

Chess.com: https://www.chess.com

YouTube: https://www.youtube.com

Ticketmaster: https://www.ticketmaster.com

Nike: https://www.nike.com

IBM: https://www.ibm.com

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Rafael Nadal reflects on his Netflix documentary, early training in Mallorca, rivalry with Roger Federer, retirement, injuries and what comes next after one of tennis’s greatest careers. He also shares why Novak Djokovic’s numbers define the GOAT debate and what Carlos Alcaraz and Jannik Sinner would need to achieve to enter that conversation.  Then, Alex speaks with CNBC’s Michael Ozanian about his upcoming Empires Valuations list.

 

Episode Notes

Rafael Nadal joins Alex Sherman for a wide-ranging conversation about his life, career, retirement and the new documentary chronicling his final chapter in professional tennis. The 22-time Grand Slam champion and 14-time French Open winner opens up about why he finally agreed to let cameras into his life, how his family and team adjusted to the documentary process, and why watching a film about himself is such a difficult experience.  The conversation explores Nadal’s earliest days in Manacor, Mallorca, where his uncle Toni Nadal began coaching him as a child. Nadal explains how natural ability, hard work, family support and the right environment all shaped his path, while emphasizing that he always loved tennis, even through the most physically challenging periods of his career.

Nadal also reflects on the contrast between his on-court intensity and his off-court personality, his famous routines and rituals, and the mental focus required to compete at the highest level. He discusses his legendary rivalry with Roger Federer, why their opposing styles made the matchup so special, and why he believes Novak Djokovic’s record makes him the greatest tennis player of all time by the numbers.

The episode also covers Nadal’s retirement, the hip injury that ultimately ended his playing career, and why he feels confident there was nothing left in the tank. Looking ahead, Nadal shares his focus on expanding the Rafa Nadal Academy, growing his foundation, spending time on business projects, and why full-time coaching is not currently part of his life plan.

 

Topics discussed:

Rafael Nadal’s Netflix documentary and why he finally agreed to participate

Growing up in Manacor, Mallorca and training with Toni Nadal

Winning regional junior tennis titles at a young age

Why Nadal always loved tennis despite injuries and pressure

The difference between Nadal’s competitive mindset and personal life

Nadal’s rivalry with Roger Federer and their contrasting styles

The purpose behind Nadal’s on-court routines and rituals

Retirement, injuries and the end of Nadal’s professional career

Life after tennis, including the Rafa Nadal Academy and foundation

Novak Djokovic, the GOAT debate and tennis records

Carlos Alcaraz, Jannik Sinner and the future of men’s tennis

Nadal’s most meaningful tournament wins, including Roland Garros, Wimbledon 2008, Australian Open 2022 and the US Open

Timestamps:

01:39 Watching a documentary about his own life and career

02:18 Nadal’s early childhood in Mallorca and first tennis memories

04:04 Why he never hated tennis, even during difficult periods

05:32 Life after fame and returning to his real life after retirement

06:57 Roger Federer, elegance and what made their rivalry unique

08:14 Nadal’s rituals, routines and focus during competition

09:42 Retirement, injuries and why his career ended the way it did

11:33 Why a comeback is not part of Nadal’s next chapter

12:03 Rafa Nadal Academy, foundation work and business projects

12:55 Whether Nadal would ever coach a player full time

13:38 Novak Djokovic, Carlos Alcaraz, Jannik Sinner and the GOAT debate

14:46 Nadal’s most meaningful career victories

Mentioned in this episode:

Netflix documentary about Rafael Nadal

Rafa Nadal Academy

Rafa Nadal Foundation

Roland Garros

Wimbledon 2008

Australian Open 2022

US Open 2010 and 2013

Roger Federer

Novak Djokovic

Carlos Alcaraz

Jannik Sinner

Toni Nadal

David Ellison

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