509: Patrick Crakes on the True Economics of Sports Media Rights

Joe Favorito and Tom Richardson welcome Patrick Crakes, Principal of Crakes Media and longtime Fox Sports executive, to the show, to break down the rapidly evolving sports media landscape and the realities behind today’s skyrocketing rights deals. Drawing on decades of experience, Crakes explains why the industry hasn’t undergone the “overnight disruption” many predicted, and instead has seen a slower, more complex transition where traditional pay TV still underpins the majority of sports economics. He dives into the role of Big Tech, highlighting how companies like Amazon and YouTube are approaching sports rights strategically, not disruptively, and why profitability remains a challenge across streaming. The conversation also explores key industry dynamics, including the importance of broadcast distribution, the decline of regional sports networks, and the challenges leagues face in balancing local and national media strategies. Crakes offers insight into why the NFL continues to dominate the marketplace, how portfolio thinking shapes rights valuations, and what metrics actually matter when assessing media value. He also unpacks recent changes in Nielsen measurement and how out-of-home viewing is reshaping perceptions of sports viewership growth.Connect with Patrick: https://www.linkedin.com/in/patrick-crakes/The CUSP Show is hosted by Joe Favorito (@Joefav) and Tom Richardson (@ConvergenceTR) and produced by Sam Henry (@s_henry11), LJ Holmgren (@LJ_Holmgren), and Danny Hagenlocher (@DhColumbiaSPS), with social media efforts led by Lissa Ruiz. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thecuspshow.substack.com