FEATURED STORY
Could “FAST” Become Sports’ Next Great Distribution Platform?
There’s one deal that has been stuck in our minds lately, and it’s not the reason you’d expect.
Last week, Fox Corp. agreed to acquire Roku – the dominant connected-TV platform that owns more than half of all U.S. broadband households – in a landmark ~$22B transaction.
We’ve all heard the obvious rationale by now: every finance & business news outlet has covered it.
Fox bought the front door to content discovery and navigation. In an increasingly fragmented streaming ecosystem, where consumers are bouncing between Netflix, YouTube, Prime Video, Fox One, ESPN, Peacock, and everything in between, the home screen matters. Roku is the screen you see before you decide what to watch.
The menu before the meal.
For a company built around live sports, news, and advertising, the acquisition makes complete sense.
But as we were digging through the deal, one detail really stood out to us. Fox is now set to control two of the biggest FAST streaming platforms in the market: Tubi and The Roku Channel.
Together, those two platforms represent nearly ~200M in combined viewer reach.
And that’s when we realized we may have been thinking about FAST all wrong.
Yes, FAST – free-ad supported streaming television.
The thing most people still associate with yesteryear movies, random crime shows, and the last-resort app you open when you refuse to pay another subscription. That FAST.
But in our view, FAST channels may become one of the greatest opportunities for sports content distribution since streaming platforms entered live sports.
Tier 2 and 3 leagues. Emerging sports. Creator-led formats. Highlights. Studio shows. Shoulder programming. Behind-the-scenes series. Gaming-adjacent programming. Team-owned content.
The sports content that is valuable enough to build an audience, but not expensive enough to demand premium distribution.
And FAST may be the perfect home for it.
In this newsletter, we’re breaking down how FAST became so popular, why it is becoming a real distribution competitor to YouTube, streaming, and traditional broadcast, and why sports may be the category that turns FAST from a passive lean-back product into one of the most important programming layers for sports content.
Why Unbundling Led to the Explosion of FAST
Free streaming is riding a much stronger growth curve versus its strongest Pay-TV competitors.
FAST viewership reached 1.8B hours from January to August 2025, up 43% from the same period in 2024. Meanwhile, average Netflix subscriber viewing per day declined 6% in the first half of 2025.
In terms of total viewing, FAST platforms on aggregate – The Roku Channel, Tubi, and Pluto TV – now beat every other premium streaming platform besides Netflix:
So why are FAST platforms taking share from premium streaming, despite having significantly inferior content catalogs?
Three reasons:
Rising subscription costs.
Streaming was supposed to be the cheaper alternative to cable. It’s now too expensive.
The Bureau of Labor Statistics reported that the cost of entertainment subscriptions jumped 22% in 2025 versus 2.7% inflation in the same period. Nearly half of U.S. adults have changed their streaming subscriptions in the last six months – 66% of those who dropped their subscription said it was too expensive.
FAST benefits directly from this fatigue.
When consumers feel like they are paying too much for too many services, free + ads become a much more compelling value proposition.
Increased fragmentation.
Premium content has over-stratified across pay-TV.
The best shows, movies, documentaries, and live sports are now spread across too many platforms.
On average, households subscribe to four streaming services at once. And even then, they still may not have access to everything they want to watch. The more fragmented the ecosystem becomes, the more premium content starts to feel commoditized. A viewer is either switching between paid services, churning from one service to another, or leaving the subscription ecosystem entirely for free alternatives.
There’s a reason why premium sports rights have become so essential for paid streaming platforms. It’s the last content category that still creates urgency, appointment viewing, and clear differentiation in an increasingly crowded market.
FAST scales with Connected TV.
FAST grows on top of the connected-TV adoption curve.
Nearly 90% of U.S. TV households already have an internet-connected TV device, and streaming now accounts for nearly half of all TV viewing. And FAST is built directly into the connected-TV experience.
Every major connected-TV platform has its own free streaming product that it actively markets to consumers: Roku has The Roku Channel, Amazon Fire TV has Fire TV Channels, Samsung has Samsung TV Plus, and LG has LG Channels.
The Roku Channel, for example, was the #2 app on Roku’s platform by U.S. engagement.
Here’s the kicker: as viewership scales, the ad opportunity becomes much more lucrative.
The global free ad-supported TV market is expected to grow from $14.3B in 2026 to $31.3B by 2031, representing a nearly 17% CAGR.
For sports properties, that is where the opportunity gets very enticing.
Where Sports Should Capitalize on FAST
FAST is attracting mass viewership and ad spend at scale.
For sports properties, that creates a unique min-max between reach and monetization.
Unlike paid streaming, FAST does not put content behind a subscription wall, which preserves reach. But unlike YouTube, FAST monetizes more like traditional television: curated channels, premium ad inventory, programmatic CTV targeting, and discovery rails like Roku Sports Zone.
Free accessibility of YouTube with a more TV-native advertising model.
But the current sports ecosystem on FAST still feels very early.
Most sports programming is still old, narrow, and built around library content rather than premium live events or modern sports storytelling.
The existing examples are mostly proof of concept:
Roku Sports Channel has packaged live sports, sports originals, studio shows, and archive content into one free 24/7 channel.
Major leagues like the NFL, NBA, NHL, MLB, PGA Tour, and NASCAR all have league-owned FAST channels built around highlights, analysis, documentaries, classic games, and shoulder programming.
FanDuel TV Extra has leaned further into live sports, airing horse racing, international basketball, K-League soccer, darts, poker, and studio shows.
Then you have DraftKings Network, CBS Sports HQ, NBC Sports NOW, Yahoo Sports Network, and other always-on sports channels filling out the ecosystem.
But here is where we think the market goes next.
One – Tier 2 & 3 leagues, emerging sports, and niche rights holders should start treating FAST as a real distribution layer.
Right now, there is a major supply gap.
Across more than 16,000 sports programs on FAST channels tracked by Gracenote, only 3.9% were live team sports, and just 0.7% were live individual sports.
That number feels way too low.
Many emerging leagues still distribute live content primarily through YouTube to maximize reach, or through paid streaming platforms to create a monetization layer. They should continue to be on as many platforms as possible.
But FAST should be a part of that distribution stack – it can create contextual discovery you can’t find anywhere else. Here are some examples:
Pro Padel League content could live inside racquet sports channels.
World Fencing League content could live inside Olympic-style sports channels.
International Dance League content should live inside dance and competition-based entertainment channels.
The audience you want is already tuning into adjacent programming. FAST can provide accelerated discovery, broader distribution, and more premium ad monetization without forcing fans behind a paywall.
Two – Team / city-specific shoulder programming should live on their own FAST channels.
If leagues have their own channels, why shouldn’t teams and cities do the same?
The fandom funnel doesn’t start with the league – it starts with the athlete, team, and the city. For true fans, you don’t watch The MLB. You watch the Dodgers. The Shohei Ohtani postgame interview. They want training camp clips, behind-the-scenes access, preseason content, mini-docs, old playoff runs, prospect features, and the random locker room video that makes them feel closer to the team.
Most teams already create this content, publishing it on YouTube, Instagram, TikTok, X, and their own RSNs / team apps.
But other than cable, none of those channels create an always-on team environment.
YouTube is great for reach, but it is not built to keep fans inside a team-branded ecosystem. After a postgame interview ends, the platform is just as likely to recommend a creator video, a podcast clip, or another million pieces of content that your algorithm feeds you.
Team apps have the opposite problem.
They are owned environments, but they are not natural media consumption products. Fans open them for tickets, schedules, scores, or merchandise – not to lean back and watch hours of team programming on their TV.
FAST sits in the middle.
A team-branded FAST channel could turn all of that existing content into a 24/7 owned media network.
Imagine a Dodgers channel with postgame interviews, minor league highlights, classic games, player docs, spring training footage, historic World Series runs, Spanish-language programming, and sponsored studio segments.
Or a Hawks channel with pregame shows, practice clips, alumni content, player lifestyle features, draft coverage, and G League highlights.
The advertising opportunity could be far more compelling.
Team fandom is inherently local. A team-branded FAST channel could monetize through regional advertising, city-specific sponsorships, ticketing integrations, merchandise promotions, and CTV ad targeting tied to geography and viewing behavior.
Final Thoughts
As the cord gets cut and streaming fragments, FAST emerges as a compelling medium for sports content distribution.
Tier-1 premium rights will still live on cable, broadcast, and major streaming platforms. That’s not changing anytime soon.
But there is significant whitespace for everything else: tier-2 and 3 live sports, emerging leagues, team-specific channels, shoulder programming, studio shows, athlete-led content, documentaries, highlights, and always-on sports networks.
And more sports properties will continue to realize that FAST doesn’t just have to be a home for old content.
It could become one of the most important programming layers in the next era of sports media.
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LEAGUES & TEAMS
U.S. League & Team News
Cleveland Cavaliers near LP stake sale to Blue Owl Capital, a private equity and asset management firm, at $5.5B valuation (June 25th)
Cavaliers are nearing a deal to sell a 5%-10% stake to Blue Owl, valuing the NBA franchise and Cleveland’s incoming WNBA team at a combined $5.5B
Blue Owl’s sports strategy fund already holds LP stakes in the Hawks, Hornets, Timberwolves, and Kings, while Dan Gilbert will retain majority control [Sportico]
NHL advances Texas expansion process and approves Penguins sale to Hoffmann family (June 23rd)
League opened a six-month evaluation process with the Friedkin family, owners of Everton and AS Roma, for a potential ~$3.5B expansion franchise in Houston or Austin
Owners approved Fenway Sports Group’s sale of the Penguins to the Hoffmann family at a $1.7-1.8B valuation; Hoffmann’s also acquiring SportsNet Pittsburgh [NHL] [The Athletic]
Golden Knights owner Bill Foley joins NBA expansion process to invest in new Las Vegas team (June 23rd)
Foley is pursuing a Las Vegas NBA expansion franchise, with plans to house the team at T-Mobile Arena, the Golden Knights’ existing home on the Strip
Expansion fee is expected to land between $7B and $10B, with Magic Johnson, Shaquille O’Neal, and other investors also circling the market [FOS]
PGA Tour approves 2028 competition overhaul with new Championship and Challenger Series structure (June 23rd)
New model will split the PGA Tour into a top-tier Championship Series with ~$20M purses and a feeder Challenger Series with ~$4M purses
Overhaul adds promotion/relegation, a rotating match-play Tour Championship, no sponsor exemptions, and a push into major markets like Boston, New York, San Francisco, and Seattle [Golf Digest]
Louisville Athletics projects record ~$30M deficit as department launches Cardinal Ventures affiliate (June 22nd)
Louisville Athletics projects a record ~$30M deficit for FY27, marking its fifth negative balance in eight years
Department is reducing university support from $17.3M to $7.2M while launching Cardinal Ventures to support NIL, revenue-sharing, marketing flexibility, and new revenue opportunities [SBJ]
International 🌍
Washington Spirit owner Michele Kang agrees to buy 87.8% of French football club Olympique Lyonnais from John Textor’s Eagle Football (June 24th)
Will acquire the stake for $30M, in a deal that would end Textor’s ownership of the French club through Eagle Football
Kang, who already controls Lyon’s women’s team, is also pledging up to €71M of fresh capital over the next two seasons, with closing subject to Lyon staying in Ligue 1 [FOS]
Real Madrid signs EuroLeague’s new 10-year franchise agreement amid NBA Europe discussions (June 22nd)
Real Madrid formally committed to EuroLeague Basketball’s new long-term structure, becoming the final shareholder club to sign the 10-year agreement
Deal comes amid ongoing NBA Europe discussions, with EuroLeague expected to ratify its franchise model and outline future expansion plans at Friday’s board meeting [Eurohoops]
Emerging Properties
Professional Women’s Hockey League secures $100M investment from Larry Tanenbaum’s Kilmer Sports Ventures (June 22nd)
Kilmer Sports Ventures, led by Larry Tanenbaum, invested $100M into the Professional Women’s Hockey League, with Ilitch Companies also joining as a strategic investor
League was previously capitalized by Mark Walter’s TWG Global and is expanding to 12 teams after drawing 1.1M+ fans during its third regular season [Sportico]
MSP Sports Capital acquires majority stake in New Zealand SailGP Team as final franchise secures private investment (June 19th)
MSP Sports Capital acquired a majority stake in the New Zealand SailGP Team, making the Black Foils the last of SailGP’s 13 teams to secure private investment
Deal adds another major sports investor to SailGP’s ownership model as top team valuations have reportedly climbed from under $5M in 2021 to $80M+ [The Athletic]
Former WWE president Stuart Snyder launches Sumo Championship League to bring sumo to North American arenas (June 24th)
League plans to package traditional sumo with seasons, rankings, prize money, championship events, arena entrances, and rivalries, with its first competition scheduled for fall 2026 [Axios]
Real Estate Deals
Arctos Partners backs $288M mixed-use development next to Tennessee’s Neyland Stadium (June 24th)
Arctos Partners, RVX Ventures, and Magellan Development Group formed a $288M joint venture to build a sports-adjacent entertainment district next to the University of Tennessee’s Neyland Stadium
Project includes a 24-story hotel, apartments, private club, and 100,000 square feet of entertainment space as private capital increasingly targets college sports real estate [Bloomberg]
Manchester United secures majority of land for planned 100,000-seat stadium near Old Trafford (June 22nd)
Club acquired a 25-acre plot from Indurent after separate talks with Freightliner stalled, giving United the majority of the land needed for its new stadium project
Planned venue would become the largest stadium in England and second-largest in Europe, behind Barcelona’s renovated Camp Nou [SBJ]
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INVESTMENTS
M&A
Ari Emanuel’s Mari Group in talks to acquire theater giant ATG Entertainment for $6B (June 24th)
Mari Group, Ari Emanuel’s live sports & events company, is reportedly in advanced talks with Providence Equity Partners to acquire ATG Entertainment
ATG owns, operates, or programs 70 venues across the U.K., U.S., Germany, Austria, and Spain, including 10 West End theaters and seven Broadway theaters [THR]
Sony Pictures Entertainment invests $100M in Cosm to support immersive venue expansion (June 24th)
Sony Pictures Entertainment invested $100M in Cosm, the immersive venue operator that shows live sports and entertainment in LED dome theaters
Investment gives Sony a minority stake, leads Cosm’s Series C, and will help expand Cosm’s venue network after openings in L.A., Dallas, and Atlanta [SBJ]
UTA and EQT removed from auction for sports agency The Team after price concerns (June 19th)
UTA and PE-backer EQT were removed from the auction after reportedly balking at price and Casey Wasserman’s noncompete/non-solicit fee
New Mountain Capital, Excel Sports Management/Goldman Sachs, Primera, and Partners Group reportedly remain in the mix [SBJ]
Penske Media Corp. agrees to acquire Vox Media brands including SB Nation and The Verge (June 18th)
Penske Media Corp., owner of Sportico, Variety, Rolling Stone, and Billboard, agreed to acquire Vox Media brands including SB Nation, The Verge, POPSUGAR, The Dodo, Punch, and Thrillist
Deal adds Vox’s Concert ad marketplace and Forte first-party data platform, expanding PMC’s digital publishing, sports media, events, and ad-tech footprint [Sportico]
Walmart acquires French CTV ad-tech company Vibe.co for $1.4B (June 24th)
CVC Strategic Opportunities acquires controlling stake in Gaming Laboratories International, a testing and certification lab for online and land-based gaming (June 23rd)
Deal gives CVC exposure to regulated gaming infrastructure as GLI operates across 710+ jurisdictions and iGaming continues expanding globally [Complete iGaming]
New Fund Alert 🚨
Mantis VC, venture firm founded by The Chainsmokers, raising $100M Fund IV (June 24th)
Mantis VC is raising a $100M Fund IV, which would push the LA-based firm’s AUM above $300M
Firm is scaling from emerging manager to established early-stage VC, with prior sports-related investments including Underdog, Kalshi, and FitOn [The Tech Buzz]
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STARTUPS & TECHNOLOGY
Startup Fundraising
Kalshi reportedly in talks to raise new funding at ~$40B valuation (June 24th)
Kalshi is reportedly in talks to raise new funding at a ~$40B valuation, just one month after raising $1B at a $22B valuation
Platform generated $17B+ in trading volume last month, with sports accounting for ~65% of activity as it continues challenging sportsbooks and derivatives exchanges [FT]
ALT Sports Data raises $5M to expand sports data and betting activation platform (June 24th)
ALT Sports Data raised $5M led by Game Changers Ventures, with participation from Relay Ventures, Scrum Ventures, and others
Works with 30+ sports properties including F1, WSL, X Games, SuperMotocross, BKFC, and PBR across data, integrity, media, fan engagement, and betting activation [InterGame]
Sportway raises €20M to expand AI-powered sports production platform globally (June 23rd)
Sportway Media Group raised ~SEK 200M / €20M led by Gamma Waves, valuing the AI-driven sports media company at SEK 1B post-money
Company works with 70+ federations and leagues, has installed 2,200+ AI-powered camera systems, and produces 250,000+ live sporting events annually [Sportway]
Sir Mo Farah’s URUNN raises seven-figure round to expand performance-driven running app (June 23rd)
URUNN, the running app co-founded by Sir Mo Farah and elite marathoner Adam Clarke, raised a seven-figure round from 10XU and private investors
App has users in 110+ countries and partnerships with Huawei, Vodafone, Puma, and Adidas, with funding going toward product, talent, and global user growth [Fitt Insider]
Product Launches
UFC and Meta launch data-driven fighter ranking system to replace traditional media panel (June 22nd)
UFC and Meta launched Meta UFC Rankings, a new athlete evaluation system determined entirely by fight data
Model updates after every UFC event and weighs fight outcomes, win type, opponent quality, recency, inactivity, and weight-class context [UFC]
ESPN launches Flowcode-powered Fan House engagement hub ahead of 2026 college football season (June 25th)
ESPN launched ESPN Fan House, a college sports fan engagement platform powered by Flowcode
Hub gives fans access to polls, trivia, sweepstakes, merchandise, rewards, and brand activations, with Publicis Sports first to activate [ESPN]
Mobile TV Group launches full-stack production platform for live sports broadcasts (June 24th)
MTVG Production Platform handles on-site production, signal transport, media control, and distribution through one live broadcast solution
Platform powered Angels.TV’s launch in one month and is built around MTVG’s 300,000-square-foot Mountain Media Center in Colorado [Mobile TV Group]
Meta reportedly developing “Arena” prediction markets-style app with points-based system (June 23rd)
Meta is reportedly developing Arena, a standalone app that would let users make predictions using points instead of real-money wagering
Experimental product could compete for attention with Kalshi and Polymarket as Meta builds around emerging online behavior [New York Times]
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STRATEGIC VENTURES
Media Deals & Updates
Fox Sports could generate $500M+ from World Cup hydration-break ad inventory (June 23rd)
Could generate $500M+ in incremental World Cup ad revenue from mandatory hydration breaks, with 30-second spots reportedly selling for $200K-$750K [SBJ]
Amazon’s Wondery signs wide-ranging partnership with Kevin Durant’s Boardroom (June 22nd)
Wondery will handle exclusive podcast and digital series distribution and ad sales for Boardroom across Amazon platforms starting in 2027
Partnership also expands Boardroom’s live events, Twitch livestreams with Durant, and broader brand partnership opportunities [Variety]
PrizePicks founder Adam Wexler launches unscripted production company EightState Studios (June 22nd)
Adam Wexler launched EightState Studios, an unscripted production company focused on original series and documentaries for digital, streaming, and TV distribution
Its first project is an eight-episode live YouTube spelling competition series featuring celebrities, influencers, and creators, premiering Aug. 11 [Variety]
Other Partnerships
Relevent secures Polymarket as Bundesliga’s official U.S. prediction market partner (June 22nd)
Polymarket will become the Bundesliga’s Official Prediction Market Partner in the U.S. starting with the 2026-27 season
Deal gives Polymarket rights to use Bundesliga and club IP while users trade contracts on match outcomes [Relevent]
MotoGP secures all five manufacturers with new 2027-2031 agreement (June 19th)
MotoGP Group signed a new five-year agreement with Aprilia, Ducati, Honda, KTM, and Yamaha, securing all current manufacturers on the grid
Deal creates a unified long-term framework across sporting, technical, and commercial operations as MotoGP looks to grow globally [MotoGP]
World Surf League expands Apple partnership to bring Apple Watch data into live broadcasts (June 24th)
World Surf League expanded its Apple partnership to show athlete metrics like wave speed, distance traveled, and heart rate during live broadcasts
Deal also makes iPhone the league’s official mobile phone, with WSL using iPhone 17 models to capture social and broadcast content [SBJ]
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JOB BOARD
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