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    McDonald’s $5 value meal is coming in June — and staying for just a month

    McDonald’s $5 value meal will run for roughly a month, beginning on June 25.
    The offering will include four items — a McChicken or McDouble, four piece chicken nuggets, fries and a drink.
    The monthlong promotion comes at a time when restaurants are finally beginning to feel a long-anticipated consumer pullback.

    A McDonald’s store sign in Austin, Texas, Oct. 30, 2023.
    Brandon Bell |Getty Images

    McDonald’s is set to offer a $5 value meal in the U.S., but only for a limited time.
    The promotion will include four items for $5 — a McChicken or McDouble, four-piece chicken nuggets, fries and a drink — and will run for roughly a month, beginning on June 25, according to a person familiar with the offering who was not authorized to speak about it publicly.

    “We know how much it means to our customers when McDonald’s offers meaningful value and communicates it through national advertising. That’s been true since our very beginning and never more important than it is today,” McDonald’s said in a statement to CNBC.
    CNBC last week reported the fast-food giant was working to bring a value offering to menus, with details being discussed and voted on by franchisees. An initial proposal for the meal did not clear necessary hurdles.
    Coca-Cola added marketing funds to the equation to make the deal more appealing, CNBC reported Friday. In a statement on Wednesday, Coca-Cola said: “We routinely partner with our customers on marketing programs to meet consumer needs. This helps us grow our businesses together.”
    Financial terms of that partnership were not disclosed.
    The monthlong promotion comes at a time when restaurants are finally beginning to feel a long-anticipated consumer pullback.

    McDonald’s recently reported a mixed first quarter, with U.S. same-store sales slightly missing expectations. Higher prices helped grow average checks, but some consumers pulled back as a result of the steeper costs.
    “Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending, which is putting pressure on the [quick-service restaurant] industry,” CEO Chris Kempczinski said on the company’s earnings call on April 30.
    He added McDonald’s has to be “laser-focused” on affordability to attract diners.
    “Great value and affordability have always been a hallmark of McDonald’s brand, and all three legs of the stool are coming together to deliver that at a time when our customers really need it. This is the power and promise of the Golden Arches,” John Palmaccio, McDonald’s owner and operator and chair of the Operators National Advertising Fund, said in a statement to CNBC on the $5 promotion.
    — CNBC’s Amelia Lucas contributed to this report.

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    Tesla’s Chinese rival Nio launches a new brand and car that undercuts the Model Y by $4,000

    Chinese electric car company Nio revealed Wednesday that the first car for its new, lower-priced brand, Onvo, will be about $4,000 cheaper than Tesla’s comparable Model Y.
    Onvo aims to set a “new standard” for the family car, Alan Ai, president of the Nio sub-brand, said at Wednesday’s launch event in Mandarin, translated by CNBC.
    Fierce competition in China’s electric car market has invited new entrants and prompted many companies to cut prices.

    Chinese electric car company Nio launched its lower-cost brand Onvo on Wednesday, May 15, 2024, in Shanghai, China.
    CNBC | Evelyn Cheng

    SHANGHAI — Chinese electric car company Nio revealed Wednesday that the first car for its new, lower-priced brand, Onvo, will be about $4,000 cheaper than Tesla’s comparable Model Y.
    Deliveries for Onvo’s first car, the L60 SUV, are set to begin in September, the company said. Pre-sales began after Wednesday’s launch event.

    Nio CEO William Li said he expects Onvo to begin selling its cars overseas at some point but didn’t specify when, according to an interview with CNBC’s Eunice Yoon.
    Since launching about 10 years ago, Nio has focused on the premium segment of cars, priced around 300,000 yuan (US$41,500) or higher. The company has since expanded to Europe, but its monthly deliveries in China have generally remained modest versus the competition.
    Onvo’s L60 starts at 219,900 yuan (US$30,439) versus the Model Y’s 249,900 yuan (US$34,617). Elon Musk’s electric SUV has been one of the best-selling pure battery-powered electric cars in China.

    Fierce competition in China’s electric car market has invited new entrants and prompted many companies to cut prices.
    Smartphone company Xiaomi in late March entered the electric car market with its SU7 sedan to rival Tesla’s Model 3 with a price that was also about $4,000 cheaper.

    The Model 3 has since cut its price by about $2,000 to 231,900 yuan (US$32,124), according to Tesla’s China website. Xiaomi said Wednesday it had delivered 10,000 SU7 vehicles.
    BYD, which sold more cars than Elon Musk’s automaker last year when including hybrids, mostly sells cars in the range of 100,000 yuan (US$13,851) or below. BYD has started to expand into higher-price segments in the last few years.
    Nio CEO Li confirmed to CNBC that the L60 is using lower-priced batteries from BYD.
    Global competition from Chinese electric-vehicle makers has also prompted stiff new tariffs from the Biden administration on imports of the vehicles to the U.S. Chinese EVs will be subject to a 100% tariff, the administration announced on Tuesday.
    When asked about the new levies, Li called them “completely unreasonable,” according to a CNBC translation from Mandarin to English. Li also noted the impact on consumers and climate goals.

    A ‘new standard’ family car to rival Tesla

    Onvo aims to set a “new standard” for the family car, Alan Ai, president of the Nio sub-brand, said at Wednesday’s launch event in Mandarin, translated by CNBC.
    The brand’s name stands for “On Voyage,” while its Chinese name “Le Dao” is meant to evoke a family having a happy time together.
    Ai made many comparisons to the Model Y and other cars during his presentation.
    He said the L60’s interior was more spacious than that of Tesla’s Model Y and Toyota’s Rav4. He also said Onvo’s new car had better shock absorption and cut tighter figure-eights compared with competitors.
    Onvo’s advertised driving range on a single charge is at least as far as — or even further — than that of the Model Y depending on the version.
    As a sub-brand, Onvo vehicles can access many of Nio’s battery swap and charging stations, Ai said.
    Ai also showed videos of Onvo models using driver-assist technology to navigate through country roads and city streets.
    Tesla’s driver-assist software, Full Self-Driving, isn’t available in China yet but is widely expected to be nearing Beijing’s approval for rollout.

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    GameStop, AMC decline as meme stock rally fizzles after just two days

    A GameStop store operates in a strip mall in Chicago on March 16, 2023.
    Scott Olson | Getty Images

    GameStop and AMC shares fell in premarket on Wednesday as the meme stock trading frenzy showed signs of fizzling.
    The brick-and-mortar video game retailer fell 13% in premarket trading, while the movie theatre chain dropped 12%. Before Wednesday, GameStop and AMC were up 179% and 135% this week, respectively.

    Stock chart icon

    AMC Entertainment

    The sell-off in AMC shares came after the firm announced a debt-for-equity swap. AMC will issue 23.3 million shares in a debt-for-equity exchange for $163.9 million of bonds that mature in 2026. The firm also completed a $250 million stock sale on Monday.
    The two meme stars both experienced jaw-dropping rallies and explosion in trading volumes at the start of the week, but this time retail interest seems to be much smaller and short lived. In terms of net retail trader inflows, it pales in comparison to the epic mania three years ago.
    For example, GameStop and AMC saw more than $15.8 million and $37.5 million, respectively, in net retail trader inflows on Monday, data from Vanda Research shows. But that is dwarfed by peak daily inflows of about $87.5 million for GameStop and $170 million for AMC seen in late January 2021.

    Stock chart icon

    The speculative run was reignited Monday by a rare social media update from “Roaring Kitty.” The man, whose legal name is Keith Gill, posted a picture on the X social media platform of a video gamer sitting forward on their chair — a meme used by gamers to indicate they are taking the game seriously.
    Gill, also known as DeepF——Value on Reddit, is a former marketer for Massachusetts Mutual Life Insurance, who previously led a host of day traders piling into GameStop back in 2021.

    The return of the meme stock phenomenon brought GameStop and AMC shares up over 70% on Monday, with the stock extending gains into Tuesday. Enthusiasm appeared to be fading by the close of the previous session.
    Smead Capital Management CEO Cole Smead described the meme stock craze as “frankly stupid,” saying it’s “gambling” on CNBC’s “Street Signs Europe.”
    — CNBC’s Alex Harring contributed reporting. More

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    Walgreens to offer its own cheaper version of opioid overdose reversal drug naloxone

    Walgreens said it will offer its own cheaper version of the over-the-counter opioid overdose reversal spray naloxone online and in stores.
    The drug store retailer aims to boost the accessibility of the life-saving medication in the U.S. as the nation grapples with the toll of the opioid epidemic.
    Walgreens said it will sell a two-dose pack of its naloxone for $34.99, around $10 cheaper than over-the-counter Narcan nasal spray.

    A person rides past a Walgreens truck, owned by the Walgreens Boots Alliance, in Manhattan, New York City, on Nov. 26, 2021.
    Andrew Kelly | Reuters

    Walgreens on Wednesday said it will offer its own cheaper version of the over-the-counter opioid overdose reversal spray naloxone. The drug is available online and will be in all stores at the end of the month. 
    The drug store retailer aims to boost the availability of the life-saving medication in the U.S. as the nation grapples with the toll of the opioid epidemic and attempts to bring down alarmingly high drug fatality rates.

    More than 645,000 people died from overdoses involving any opioid, including prescription and illicit opioids, from 1999 to 2021, according to the latest data from the Centers for Disease Control and Prevention.
    Naloxone can temporarily reverse the effects of an overdose from opioids, including heroin and fentanyl, when administered in time. The drug blocks the effects of opioids on the brain, restoring normal breathing and preventing death.
    Despite naloxone’s efficacy, access to the treatment “remains limited in many communities,” according to a Walgreens release. 
    The company said it will sell a two-dose pack of “Walgreens Brand Naloxone” for $34.99. That’s around $10 cheaper than the over-the-counter branded drug Narcan, which became the first prescription-free version of naloxone to win Food and Drug Administration approval last year. Previously, patients needed a prescription to access naloxone.
    “That was a concerted decision to really do everything we can to increase accessibility, not just in terms of quantity and availability, but also in price,” Dr. Priya Mammen, senior medical director in Walgreens’ Office of Clinical Integrity, told CNBC in an interview. 

    The company said the launch of its prescription-free naloxone nasal spray comes after the FDA’s recent approval of the product. It is the generic equivalent of over-the-counter Narcan, which Walgreens currently offers in its stores.
    Mammen hopes that Walgreens can help reduce the stigma associated with drug overdoses and naloxone use. 
    The drug “is not just for some people. It’s a life-saving medication that can intervene on anyone at any age, anytime, and it’s something that families, individuals and communities can empower themselves by having it available and can be part of the solution,” she said.  More

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    China’s economy reveals pockets of softness. Here’s what to watch ahead of Friday’s data

    As China’s economy moves into the second quarter of the year, a few indicators are pointing to sluggish growth ahead if things don’t turn around, raising expectations for monetary policy easing.
    The People’s Bank of China over the weekend released new loan data for April that pointed to a sharp slump in demand, with several metrics at their lowest in at least two decades.
    On Friday, China plans to issue its first ultra-long bond — 30 years in term — as Beijing kicks off a previously announced program for a total of 1 trillion yuan ($138.25 billion) in funds for major strategic projects.

    People purchasing fruit at an agricultural trade market on May 11, 2024 in Lianyungang, Jiangsu Province of China.
    Vcg | Visual China Group | Getty Images

    BEIJING — As China’s economy moves into the second quarter of the year, a few indicators are pointing to sluggish growth ahead if things don’t turn around, raising expectations for monetary policy easing.
    The National Bureau of Statistics is due to release data on retail sales, industrial production and fixed asset investment for April on Friday. Analysts polled by Reuters as of Tuesday expect a slight increase compared to March.

    The same day, China plans to issue its first ultra-long bond — 30 years in term — as Beijing kicks off a previously announced program for a total of 1 trillion yuan ($138.25 billion) in funds for major strategic projects. The Ministry of Finance has not specified what the first tranche will be used for.

    Some of the weakness speaks to genuine sluggish demand in China at present.

    Goldman Sachs

    “With issuances running all the way until November, it is likely some of the proceeds spending (and therefore benefit to the economy) will only feature in H1 next year,” Louise Loo, lead economist at Oxford Economics, said in a note Tuesday.
    The firm expects this week’s economic data releases to show a “softening in economic momentum,” affirming its forecasts for the central bank to cut rates by the end of June.
    The central government bond program comes as the drag from real estate persists, while businesses and consumers largely remain conservative about spending.
    The People’s Bank of China over the weekend released new loan data for April that pointed to a sharp slump in demand, with several metrics at their lowest in at least two decades.

    Goldman Sachs and other firms’ analysts were quick to point out the one-month figures were affected by changes to how official data is calculated, as well as a crackdown on loans used for financial purposes rather than business expansion.
    “Some of the weakness speaks to genuine sluggish demand in China at present,” said Hui Shan, Goldman Sachs’ China chief economist, in a note Sunday.
    Outstanding loans in Chinese yuan grew by 9.6% year-on-year in April, the same pace as March and the lowest since records began in 1978, according to official data accessed through Wind Information.

    Businesses’ loan demand falls

    New bank loans to businesses and government organizations dropped sharply in April from March, as did new loans to households, according to official data accessed through Wind Information.
    What’s concerning to analysts at Clocktower Group is that the 12-month moving average for both categories of new loans has started to trend downward for the first time since the financial crisis in 2008.
    “If the public sector does not come to support credit growth in a timely manner, a sharp growth deceleration is likely to occur going forward as economic agents will be forced to cut consumption and investment to meet their debt obligations,” the firm said in late April.
    On a 12-month moving average basis, the new bank loans category including businesses saw a slight increase in April versus March, while new household loans fell during that time, according to CNBC analysis of data accessed through Wind.
    The amount of new business loans is still far higher than what it was in 2019, although that of households has fallen below that level, the data showed.
    A survey by The China Beige Book in April found that corporate borrowing fell, dragged down by services, while manufacturing saw an increase in demand. The overall decline came despite more loans getting approved and lower interest rates, making it cheaper to borrow.
    M2, a measure of money supply that includes cash, cash equivalents and certain deposits, grew by 7.2% in April from a year ago, its slowest pace on record going back to 1986, according to official data accessed through Wind Information.

    Less emphasis on credit expansion

    “Looking ahead, the growth of new CNY loans and M2 may gradually slow down further, as the PBOC highlighted weakening relationship between economic growth and credit expansion,” Goldman analysts said in a separate report Sunday, referring to the central bank’s quarterly monetary policy report released Friday.
    “We continue to expect two more RRR cuts and one policy rate cut through the remainder of this year,” they said.
    RRR refers to banks’ reserve requirements, or the amount of cash they need to have on hand. PBOC Governor Pan Gongsheng told reporters in March there was room to further cut that reserve requirement.

    “April credit data are disappointing, but that’s mainly due to regulatory changes rather than a sharp deterioration in the underlying demand,” Macquarie’s Chief China Economist Larry Hu said in a report.
    “Policymakers don’t want to have another credit-fueled recovery. Instead, they are happy to rely on exports and new energy sectors to drive growth, at least for now,” he said. He expects exports to remain on track for 5% growth this year, while noting the autos sector has done well.
    China’s exports have held up despite rising trade tensions. Data released last week showed exports grew year-on-year in April, up by 1.5% and in line with expectations, while imports grew far more than expected.
    Separate figures released over the weekend showed a modest pickup in consumer prices in April. But the measure of prices at factories continued to decline.
    However, real estate, which once contributed to at least a quarter of China’s economy, remains a drag, despite a growing number of cities easing purchase restrictions.
    Real estate sales are increasingly shifting to the secondary market, which means developers don’t benefit much in a market that is still “searching for a bottom,” S&P Global Ratings said in a report early last week.
    The S&P analysts expect China’s primary residential market to shrink by 16% this year.
    China’s index on home prices is also due out Friday. Looking further ahead, investors are awaiting a major government meeting scheduled for July for signals on longer-term economic policy.
    “Separately, the PBOC suggests it will study policies to help digest existing housing inventory and improve new housing supplies in order to stabilize the property market,” Morgan Stanley analysts said.
    “We think this echoes the message from the recent Politburo meeting regarding the property market, and shows monetary policy could potentially be used as part of the support measures to help China deal with its significant property inventory.”
    — CNBC’s Michael Bloom contributed to this report. More

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    Justice Department says Boeing breached 2021 agreement that shielded it from criminal charges over 737 Max crashes

    Boeing broke a 2021 settlement that protected it from criminal prosecution over two fatal crashes of the 737 Max, federal prosecutors said.
    Boeing must respond to the U.S. Department of Justice by June 13.
    The DOJ said Boeing violated the agreement by failing to set up and enforce a compliance and ethics program to detect violations of U.S. fraud laws.

    Boeing 737 MAX airplanes are pictured outside a Boeing factory on March 25, 2024 in Renton, Washington. 
    Stephen Brashear | Getty Images

    Boeing violated a 2021 settlement that protected it from criminal charges tied to the fatal 737 Max crashes, opening the company up to potential U.S. prosecution, the Department of Justice said Tuesday.
    Federal prosecutors said in a court filing in Texas they are still determining “how it will proceed in this matter” and that Boeing will have 30 days to respond.

    The airplane manufacturer broke the agreement by “failing to design, implement, and enforce a compliance and ethics program to prevent and detect violations of the U.S. fraud laws throughout its operations,” the DOJ said.
    Boeing denied those claims.
    “We believe that we have honored the terms of that agreement, and look forward to the opportunity to respond to the Department on this issue,” Boeing said.
    In January 2021, Boeing agreed to pay $2.5 billion to settle a conspiracy charge with the Justice Department. After a roughly two-year probe, the DOJ accused the company of concealing information about its Max plane that had been involved in two crashes that claimed the lives of all 346 people on board.
    Boeing had admitted that two of its 737 Max technical pilots “deceived” the Federal Aviation Administration about the capabilities of a flight-control system on the planes that was later implicated in the two crashes, the Justice Department said at the time.

    “This is a positive first step, and for the families, a long time coming. But we need to see further action from DOJ to hold Boeing accountable, and plan to use our meeting on May 31 to explain in more detail what we believe would be a satisfactory remedy to Boeing’s ongoing criminal conduct,” Paul Cassell, a lawyer for crash victims’ families said in a statement on Tuesday.
    The plane-maker has been under heightened federal scrutiny after a door panel blew out midair from a 737 Max 9 operated by Alaska Airlines on Jan. 5. A preliminary investigation by the National Transportation Safety Board said bolts that hold in the door plug, which fills an optional emergency exit, didn’t appear to be in place.
    The near-tragedy has created a fresh crisis for Boeing, just as it was trying to stabilize its production and improve its reputation after the 2018 and 2019 crashes.

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    AMC’s meme stock windfall may help it pay down a massive debt load

    The return of meme stock architect “Roaring Kitty” has led AMC shares to more than double since Friday’s close.
    The last time these retail investors rallied around AMC and its stock surged, the movie theater chain was able to avoid bankruptcy.
    Now, it has a chance to put a dent in its substantial debt load.

    Cars drive near an AMC Theater in New York City on March 29, 2023.
    Leonardo Munoz | View Press | Corbis News | Getty Images

    Can AMC Entertainment capitalize on a second meme craze?
    The stock, alongside GameStop, surged this week after “Roaring Kitty,” the man who inspired the massive short squeeze of 2021, posted online for the first time in nearly three years. The return of Roaring Kitty, whose legal name is Keith Gill, has led AMC shares to more than double since Friday’s close. They rose above $6 in afternoon trading Tuesday.

    The last time these retail investors rallied around AMC and its stock surged, the movie theater chain was able to avoid bankruptcy. Now, it has a chance to put a dent in its substantial debt load.
    CEO Adam Aron made three major acquisitions “in a relatively short amount of time” after taking over the company in 2015, which included theater chains Carmike, Odeon and Nordic, said Eric Handler, managing director at Roth MKM. AMC spent about $3 billion on the deals collectively.
    While the acquisitions bolstered the size AMC’s theater network, they also levered the company’s balance sheet, Handler said.
    “So, when the pandemic hit, they sort of got a double whammy because they were already highly levered and then they had to raise more debt to survive and give them more cash,” Handler said.

    Read more CNBC GameStop, AMC news

    Since the beginning of 2022, AMC has paid down nearly $1 billion of its debt, but about $4.6 billion remains.

    AMC has around $20 million due in 2024 and $118 million due in 2025, which is “not a hurdle,” according to Wedbush analyst Alicia Reese. But the looming $2.96 billion set for collection in 2026 requires the most attention.
    “I think they’ll be able to renegotiate a portion of it, but a lot of it’s probably just going to get extended maturities,” Reese told CNBC.
    Lenders have been willing to renegotiate terms, but a bump in share price could allow AMC to secure better deals.
    Currently, AMC is paying about $100 million every quarter in interest expenses, which is eating into its potential profits. With the box office still recovering from pandemic- and strike-related production shutdowns, AMC has not been able to absorb its fixed expenses, such as rent, employee payroll and other operational costs, said Eric Wold, senior analyst at B. Riley Securities.
    “What to me matters is whether or not, like they did a few years ago, is can you take advantage of this to bolster their balance sheet?” he said.
    AMC raised $250 million of new equity capital in a sale that wrapped up Monday, just as the meme stock craze was revived. The cinema chain sold 72.5 million shares in an at-the-market equity offering that started in late March. AMC sold the stock at an average price of $3.45 per share before commissions and fees. The majority of stock was sold prior to the stock price jump.
    “The recent surge in the stock presents an additional opportunity to raise equity funds that can support liquidity and debt reduction, eventually moving AMC to a structure that could facilitate institutional support,” James Goss, analyst at Barrington Research, wrote in a note to investors on Tuesday.

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    Disney+ will stream Caitlin Clark’s WNBA debut in the platform’s first live sports event

    The WNBA regular season opens Tuesday night with breakout star Caitlin Clark making her debut as point guard for the Indiana Fever.
    The game will be streamed on Disney+, the service’s first live sports event.
    Disney nearly turned a profit in its streaming unit for the first time during its fiscal second quarter, and has been increasingly leaning on sports streaming to drive viewership.

    Indiana Fever guard Caitlin Clark, #22, drives to the basket against Atlanta Dream guard Destanni Henderson, #33, during a WNBA preseason game at Gainbridge Fieldhouse in Indianapolis, Indiana, on May 9, 2024.
    Brian Spurlock | Icon Sportswire | Getty Images

    The Women’s National Basketball Association regular season opens Tuesday night with breakout star Caitlin Clark making her debut as point guard for the Indiana Fever. The game will be streamed on Disney+, the service’s first live sports event.
    As the NCAA’s all-time leading scorer for both men’s and women’s basketball, Clark helped draw a record 18.9 million viewers to the Women’s March Madness National Championship game last month. The former Iowa star was drafted as the No. 1 pick on April 15, which alone led 2.45 million viewers to tune in, surpassing the league’s previous high for a draft by 307%.

    Following Clark’s debut at 7:30 p.m. ET against the Connecticut Sun, Disney+ will stream the Phoenix Mercury vs. Las Vegas Aces matchup. Disney+ has previously streamed animated simulcasts of sporting events using cartoon characters in place of the athletes, but Tuesday’s doubleheader is the first instance of a live sports game streamed on the platform.
    Disney nearly turned a profit in its streaming unit for the first time during its fiscal second quarter, the company reported last week. The entertainment giant has been increasingly leaning on sports streaming to drive viewership.
    Disney’s ESPN is planning to launch a full direct-to-consumer streaming product in fall 2025 that will allow consumers to subscribe to ESPN without cable.
    It is also partnering with Warner Bros. Discovery and Fox Corp. to offer a sports streaming service that they expect to launch this fall, the companies announced in February.
    Disney and Warner Bros. Discovery’s exclusive TV rights for NBA games is currently under negotiation.

    The WNBA’s existing media rights deal expires in 2025. The deal is reported to be worth roughly $60 million, and WNBA Commissioner Cathy Engelbert said she expects that to double when the rights are renegotiated.
    Patrick Rishe, director of the Sports Business Program at Washington University’s Olin Business School, said the WNBA debut on Tuesday could be a “watershed moment for the league,” and the choice to have the game on Disney+ will be critical for the league’s “key demographic” of families and younger people.
    “They covet younger fans, and this is how younger fans view their sports these days — it is through streaming,” Rishe told CNBC’s “Worldwide Exchange” on Tuesday.
    “I certainly see some parallels between the potential of Caitlin Clark and her power in terms of increasing the reach of the WNBA and Lionel Messi, of all people, and what is going on with Apple TV,” Rishe added, in reference to the soccer superstar’s 10-year deal with Major League Soccer, and the league’s streaming deal with Apple TV.

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