The NBA is nearing a 76 billion dollar TV deal in a defining moment for media and sports.

And how growing investment income is helping some consumers stay afloat despite inflation.

Wage gains and wealth gains over the last couple of years have spanned all income brackets.

But as you might suspect, the people who actually own things, own homes, own stocks, have a pension,

those people tend to be coming out on top.

Plus, Boeing Starliner finally blasts off on its first astronaut mission.

It's Wednesday, June 5th.

I'm Sabrina Siddiqui for the Wall Street Journal.

This is the PM edition of What's News,

the top headlines and business stories that move the world today?

We exclusively report that the National Basketball Association is nearing a major TV deal that would bring in about

76 billion dollars in media revenue over 11 years. People familiar with the discussion said the League

is closing in on deals with NBC, E-SPN, and Amazon. The a defining moment for the TV industry. The negotiations have cast a spotlight on both the

staggering value of sports rights and the anxieties of traditional media companies about the collapse

of cable in a world increasingly dominated by streaming.

Joining us now with more is Isabella Siminetti, one of the Wall Street Journal reporters who broke the story.

Isabella, why are these negotiations so significant?

So live sports are really important to media companies right now because they consistently attract

millions of viewers which is a rare feat within the traditional TV ecosystem.

Most things don't because a lot of live events

are available on streaming.

So it makes sense why media companies

...