FEATURED STORY
Fanatics Launches Groundbreaking New Venture: Fanatics Studios
2026 is the year that Fanatics will not file for an IPO (sorry bankers, maybe next year).
Instead, the world’s largest sports platform is now producing a BBQ cooking show hosted by WWE superstars and documenting a Fox Sports broadcaster training for a flag football game.
Last week, Fanatics announced the launch of Fanatics Studios, a joint venture with OBB media - a next-gen entertainment studio - to build a “premier global studio for sports entertainment”. The studio will produce digital-first shoulder programming across the sports ecosystem (e.g., Olympics, MLB, WWE) including:
A muti-part docuseries following Tom Brady unretiring to compete in the Fanatics Flag Football Classic
Creator-driven shows centered around WWE fighters distributed via WWE’s YouTube
A featured film slated for theatrics release tied to the LA28 Olympics
But what may feel unconventional is, in fact, far more strategic. The studio is projected to generate nine-figure revenue in its first year.
Fanatics has been flirting with the media game for years. Some have framed this as the company’s final puzzle piece ahead of a future IPO; others see it as the completion of a perfectly symbiotic flywheel spanning all of its business lines.
As sports and pop culture continue to converge, the natural next step was always to produce content that brings that intersection to life.
And, of course, sell some Fanatics products along with it.
Why Fanatics Partnered with OBB Media
Here’s exactly what happened.
OBB’s sports production team is merging directly with Fanatics’ existing media partnerships team. OBB Pictures will handle all physical production across the entire slate. And founder Michael Ratner will serve as CEO of Fanatics Studios while maintaining his role as CEO of OBB Media.
So why didn’t Fanatics just build a content arm themselves?
They have the rights, relationships, and scale to do it. But building world-class shoulder programming in sports across different formats and platforms at speed requires deep expertise with demonstrated success. This was the classic case of buy & build being more efficient than starting 0 → 1.
Fanatics needed a partner that understands three core truths about the modern audience:
Athletes are now creators, and fans care as much about personality as performance
Distribution is everything - you have to meet the target audience where they live
Organic storytelling at scale is the most effective way to move product
Michael Ratner has been building this exact playbook for nearly a decade. From launching a hit cold-plunge podcast with Kevin Hart to incubating Hailey Bieber’s Rhode makeup line, Ratner has long seen personality-driven IP as the future of consumerism.
OBB Media’s first breakout project was The 5th Quarter, a mockumentary-style parody of ESPN’s 30 for 30, which launched on Verizon’s old social entertainment platform Go90 back in 2016. Its 15-min episodes let NBA stars like Blake Griffin showcase their personalities through scripted comedy - a then-novel concept.
Since then, OBB has experimented with almost every format & platform imaginable:
YouTube: Speed Goes Pro (IShowSpeed), Cold as Balls (Kevin Hart), Justin Bieber: Seasons
Streaming & TV: Gameplan with Shaq (TNT), Kevin Durant doc series (Netflix), The Harder Way (ESPN+)
Film: Livestream From Hell (YouTube), Child Star (Hulu), Mountain Queen (Netflix)
Livestream: Kimsmas Live (TikTok)
Events: Fanatics Fest: All Access, iHeart Radio’s Music Festival (Hulu), Billions Club Live with The Weeknd (Spotify)
But we think the real X-factor was their success building content around commerce.
Through OBB Ventures, Ratner was a founding partner of Hailey Bieber’s Rhode Skincare, one of the most successful creator-driven consumer brands of the past decade (sold to e.l.f for $1B last year). It was OBB-produced content that built its primary GTM engine, turning Hailey’s unique storytelling into a billion dollar consumer brand.
[We highly recommend watching Hailey and Michael break down how content was key to Rhode’s success at the 2023 Upfront Summit.]
Now the real question is: can the same thing be done on a larger scale with Fanatics?
Fanatics Studios = Symbiotic Flywheel
Fanatic Studios can create incremental lift across the broader Fanatics platform:
Commerce: Turns content moments into merch drops (limited capsules, collabs, event-linked launches) → driving higher conversion and reducing reliance on paid media
Betting & Gaming: Develops storylines and personalities that translate to betting through owned distribution and integrated promos → lowers CAC and improves retention.
Collectibles: Builds provenance and narrative around collectibles through athlete storytelling, behind-the-scenes access, and “making of” moments→ increasing demand and take-rates
Events: Extends Fanatics-owned events into year-round programming → driving ticket demand, sponsor value, and momentum for future events
Advertising: Creates sponsor-able IP and integrated brand placements (not just ad inventory) → unlocking premium CPMs and larger, multi-division packages.
Based on public plans, the only explicit vertically-integrated content to date has been tied to the Events division, including Fanatics Fest and Fanatics Flag Football Classic.
But that’s a good thing.
While Fanatics Studios content will organically funnel demand across the broader platform, it's clear that Studios isn’t just being built as a pure marketing layer. Instead, its current positioning suggests ambitions to scale into a standalone, multi-billion-dollar revenue business.
The opportunity is real. Between 2020 and 2024, only 263 sports shoulder-content projects were released across major streaming platforms - a surprisingly small number given the breakout success of series like F1: Drive to Survive and Welcome to Wrexham. The bottlenecks are well known: complex rights negotiations with leagues and players, limited distribution partners, and a short bench of studios. Beyond studios like Skydance Sports, league media arms, and athlete-led platforms such as SpringHill, the market remains fragmented.
It’ll be exciting to watch how Ratner & Rubin build Fanatics Studios into the production house shaping the next era of this industry.
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LEAGUES & TEAMS
Photo: RedBird Capital Partners and SWFs are potential buyers for NBA Europe franchises.
[NBA Europe Update] NBA is working with RedBird Capital on its new European league, welcomes sovereign wealth fund investment; Real Madrid weighs EuroLeague exit (Jan. 14th-21st)
RedBird enters discussions as the league courts owners and partners; remains interested in backing a franchise, with eyes on the Milan market
NBA Europe may open doors to allow SWF principal investors who face restrictions (20% cap) in the US
Madrid reportedly weighs a EuroLeague exit to join NBA Europe; multiple Manchester-based franchises are expected to bid for an NBA Europe franchise, including Man United, Man City, and Manchester Basketball; Napoli Basketball aims to secure a spot in either the EuroLeague or NBA Europe [CityAM] [TheAthletic] [SBJ] [CityAM][FOS]
WNBA reportedly explores a buyback of a 16% stake it sold in 2022 for a $75M capital raise (Jan. 16th)
League sold stake in Feb. 2022 to fund marketing, brand growth, and globalization
Buyers of the stake included NBA owners, Pau Gasol, Laurene Powell Jobs, Condoleezza Rice, and Nike, among others [FOS]
MLS club Sporting Kansas City sells a 71% stake at a $700M enterprise valuation (Jan. 20th)
KC sells to minority owner Peter Mallouk, who lifts his ownership to ~80%
Illig family will retain control of day-to-day ops and their MLS board seat [SportsPro]
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STARTUPS & VENTURE CAPITAL
Photo: NBA Launchpad announces 2026 cohort.
NBA Launchpad selects five startups for its 2026 cohort (Jan. 21st)
Startups chosen for six-month pilots across performance tech and league business priorities; cohort spans wearables, AI training, 3D tracking, and brain-sensing wearables
Peripheral Labs raised $3.6M in Seed funding and is already installed in one NBA arena [NBA]
Midnite, a ‘digital-first’ casino and sportsbook, raises $35M in Series C funding (Jan. 15th)
Company plans to scale operations, product development, and expand internationally
Investment led by Raine Group; other investors include Play Ventures, Discerning Capital, Makers Fund, and Big Bets, among others; brings total funding to $75M [Midnite]
OTTO SPORT AI, an operating system for youth sports, raises $16.5M Seed funding (Jan. 15th)
Aims to expand its AI (Athlete Intelligence) Lab, an operating system for youth clubs, leagues, and tournaments; platform spans management for players, events, operations, ticketing, and athlete recruitment
Investment co-led by Mamba Growth Equity and Rally Ventures [OttoSportAI]
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M&A AND INVESTMENTS
Photo: NoBull hits $1B valuation as it launches its NoBull Nutrition line.
Tom Brady’s NoBull, an apparel and footwear wellness brand, raises $50M in funding at a $1B valuation (Jan. 20th)
Marks the brand’s first funding since Mike Repole acquired a majority stake
NoBull launches NoBull Nutrition line, signs Livvy Dunne and Matthew Schaefer as brand ambassadors and partners [TheSportsRush]
Netflix plans to convert its bid for Warner Bros. Discovery to an all-cash offer (Jan. 14th)
Original deal: $23.25 cash + $4.50 Netflix stock per WBD share at an $82.7B valuation
Netflix shares down 12% since their original offer; dropped 2% early Wednesday
All-cash structure may speed regulatory approval as Paramount pursues hostile alternative via lawsuit & proxy battle [FOS]
MrBeast’s ‘Beast Industries’, a media, entertainment, and CPG brand, secures $200M from leading Ethereum Treasury company Bitmine Immersion Tech (Jan. 15th)
Funds will help expand operations and product development
Move leverages MrBeast’s massive audience (450M+ YouTube subscribers) and philanthropic initiatives (#TeamTrees, Beast Philanthropy) [PRNewswire]
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STRATEGIC VENTURES
Photo: ManU partners with Lionsgate to develop a new TV series on the team’s history.
Manchester United partners with film studio Lionsgate for a historical series on the club (Jan. 21st)
Concept likened to Netflix’s The Crown; project remains in development phase
ManU guaranteed a low multi-million payout if produced; other Lionsgate sports projects include Warrior, Draft Day, and an Ippei Mizuhara gambling scandal project in the works [TheAthletic]
DAZN brings Polymarket prediction markets to live US broadcasts (Jan. 20th)
Fans can trade contracts on outcomes, complementing DAZN’s existing betting offerings
DAZN plans to apply for CFTC licenses and introduce predictions trading in the short term [DAZN]
League One Volleyball taps Omaha Productions to produce Game of the Week live coverage on USA Network (Jan. 14th)
Partnership launched with the first Game of the Week on Jan 7th featuring Austin vs. Nebraska; most-watched LOVB broadcast on record [LOVB]
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JOB BOARD
Here are some cool roles we found and personally curated this week - enjoy!