Sports Bets & Billionaires with Fanatics CEO; Blackrock in a Hard Place 12/07/22

Squawk Pod

CNBC

Investing, Business News, News, Business

4.2 • 543 Ratings

🗓️ 7 December 2022

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

Sports merchandising and betting giant Fanatics has closed yet another round of private financing, bumping the unicorn up to a $31 billion valuation. CEO Michael Rubin discusses his company’s long road to a public listing, the consumer’s appetite for holiday shopping, and his plans for his burgeoning betting business. Plus, the billionaire explains his decision to sell his stake in the 76ers. In other sports news, Aaron Judge is staying with the New York Yankees, for a cool $360 million. Plus, China is easing its zero-Covid policy, Senator Raphael Warnock (D-GA) has emerged victorious in the Georgia runoff, and the world’s largest asset manager Blackrock is facing accusations of hypocrisy from an activist investor. In this episode: Michael Rubin, @michaelrubin Becky Quick @BeckyQuick Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C.N.C. producer Katie Kramer, today on Squawk Pod.
0:08.0	Sports billionaire Michael Rubin of fanatics, where fans can buy collectibles,
0:13.1	apparel, soon make bets.
0:14.9	He says sports may be a recession hedge.
0:17.8	There's no question that every consumer business
0:20.1	is affected by what's going on right now.
0:21.4	But what's different is that sports
0:23.4	has so much secular growth. Activists getting the world's largest asset manager
0:29.0	on what they see as sustainability hypocrisy. To talk about bedfellows or strange bedfellows.
0:36.2	For the last six months,
0:37.7	Black rocks been taken it from the right.
0:40.4	And all the rest of the stories that got us squawking today, the latest in China's zero COVID policy,
0:46.0	tracking technology, and another election night after another election night.
0:52.0	Have we done this before? That election's coming. We're in election night. Have we done this before?
0:53.0	That election's coming.
0:54.0	We're in election season.
0:56.0	It is Wednesday, December 7, 2022.
0:59.1	Squawk Pot begins right now.
1:01.3	Stand Becky by in three, two, one, queue please.
1:05.0	Good morning everyone.
1:07.0	Welcome to Squackbox here on C.
	...

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