2025 Media Consolidation and College Sports Chaos Set Stage for 2026

Key Quotes

"Everybody knew coming into this year just given the way the new administration that was coming in at the start of 2025 we knew this was going to be an administration a white house administration that was more favorable to broader deals and we're beginning to see that."

SBJ's media reporter Austin Karp explains that the political climate at the start of 2025 was anticipated to be more conducive to large-scale media mergers and acquisitions. Karp notes that this expectation was based on the incoming administration's perceived favorability towards such deals, and that early developments were beginning to confirm this outlook.

"I mean it looks like it right now and I can't believe I'm saying this but the Ellisons' got to find more money of all the people that need to find more money it's one of the top 10 richest people in the world but uh they're going to have to find either enough money to make a broader bid a higher bid that you know a lot of the shareholders would or couldn't turn down you know so we'll see if they can find that kind of money and really really just blow that Netflix bid out of the water that's what it's going to take."

Austin Karp discusses the financial requirements for a potential bid in the media landscape, specifically referencing the Ellison family. Karp highlights the significant capital needed to outbid competitors like Netflix for major assets. He emphasizes that even for extremely wealthy individuals, securing sufficient funds for such a substantial transaction is a critical hurdle.

"It's a lot of conversation and in a few rare instances the conversation relative to the actual investment and movement there's a disconnect. We just saw Utah last week and people have been talking about this in college sports you know the big 10 you know they're close then they're not um and so you know the entire time I've been at SBJ right where it's like this is a constant topic of conversation but not a lot of actual plays in that we've seen."

SBJ reporter Rachel Axon points out a discrepancy between the discussion surrounding private equity's involvement in college sports and the actual investment occurring. Axon observes that while private equity is frequently mentioned in relation to college sports, concrete deals and significant financial movements have been infrequent. She uses the example of Utah and the Big Ten to illustrate this gap between talk and action.

"They are still in like a very messy middle part um in which you know there's not a lot of clear direction or answers and college sports by their nature right like everyone's looking out for their best interest and in their school and their conference and so um it really uh prevents strong collective decision making which is I think why you see them going to congress and saying you know please pass us a law to fix this and that's got its own challenges so um yet sure progress but settled definitely not."

Rachel Axon describes the current state of college sports as chaotic and lacking clear direction due to individual institutions prioritizing their own interests. Axon explains that this inherent self-interest within conferences and schools hinders unified decision-making. She suggests this is why college sports entities are seeking legislative intervention from Congress to resolve their issues.

"I'm kind of um surprised that there wasn't a conference level deal earlier because that seemed to make the most sense to me kind of with the big 12 has been talking about recently um uh but I mean I yeah I would agree with Austin I think it's about the uh level we probably would have expected because these deals are difficult."

SBJ reporter Bret McCormick expresses surprise that conference-level deals involving private equity had not materialized earlier, as he believed this approach was the most logical. McCormick references recent discussions within the Big 12 conference as an example of this potential. He agrees with Austin Karp that the level of activity was likely lower than anticipated due to the inherent difficulties in executing such complex transactions.

"The thing I would say um is don't be surprised if this men's event for downs to the benefit of of women's soccer and I I promise I don't just make everything for women's sports but I was having conversation with Sam Mewis um for a story that's going to be on our cover next week and she brought this up right like when they think about their vertical the women's game right it's it's leveraging this first this men's World Cup the women's World Cup next year and and you know enough of those us women's national team players and NWSL players have have their own following that if they're at these events if they're on social media if they're on other media right you may see their individual followers go up more people having interest there with those things coming then you might see especially for some of the US men's players."

SBJ reporter Rachel Axon suggests that the upcoming men's FIFA World Cup could positively impact women's soccer. Axon shares that this perspective was also raised by soccer player Sam Mewis, who views the men's World Cup, the subsequent women's World Cup, and the Olympics as opportunities to leverage interest. Axon believes that the visibility of U.S. Women's National Team and NWSL players at these events could increase their individual followings and broader interest in the women's game.