Apple Inc AAPL has reportedly withdrawn from talks with the National Football League over the much-prized Sunday Ticket deal.
What Happened: The Tim Cook-led company “backed out” of the NFL Sunday Ticket negotiations despite being a frontrunner over rivals Amazon.com, Inc AMZN, The Walt Disney Co. DIS, and Alphabet Inc GOOGL GOOG subsidiary Google, reported AppleInsider, citing Puck News.
Apple reportedly wanted to offer the NFL Sunday Ticker as a part of their existing TV+ subscription at no extra cost, and the NFL was not eager on this arrangement.
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Why It Matters: Apple pulled out of the talks — not because of monetary concerns but rather not seeing the “logic,” reported Apple Insider.
The NFL reportedly wanted to “protect the interests” of its broadcast partners CBS and FOX, which paid $40 billion for rights to the 2023 season and beyond.
Other factors that made Apple move away from the deal were maintaining geographic blackouts and limited international streaming rights, according to the report.
Earlier NFL struck a deal with the Cupertino, California-based company to make it a presenting sponsor for the Super Bowl halftime show.
Price Action: On Friday, Apple shares closed 1.5% lower at $134.51 in the regular session, according to Benzinga Pro data.
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