📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Apple close to finalizing deal with FIFA over TV rights for new tournament, NYT reports

Published 04/22/2024, 12:15 PM
Updated 04/22/2024, 02:12 PM
© Reuters. FILE PHOTO: The FIFA logo is seen outside the FIFA headquarters in Zurich, Switzerland December 17, 2015. REUTERS/Ruben Sprich/File Photo
AAPL
-

(Reuters) -Soccer's global governing body FIFA is close to an agreement with Apple (NASDAQ:AAPL) to give the tech company worldwide television rights for a new, month-long club tournament, the New York Times reported on Monday.

The deal with Apple could be announced as soon as this month and valued at around $1 billion, a quarter of the $4 billion FIFA had first estimated, the report said, citing three people familiar with the matter.

The potential agreement would give the company's streaming business an edge amid competition among streaming services providers to lap up rights for widely watched sporting events in a bid to add subscribers.

If the deal goes through, this would mark the first time that FIFA has agreed to a single worldwide contract, the report said.

Senior executives at FIFA, however, have raised concerns over the possibility of "free-to-air rights", which would make the event only available to subscribers of Apple TV+, according to the report. It is unclear whether the deal includes any such rights.

Sponsors have also been reluctant to commit the $150 million that FIFA is seeking for sponsorship packages, the report said.

The 32-team event will be held next year between June 15 and July 13. Usually, no major events are scheduled during this period in order to allow players to rest in the off-season a year before the World Cup, according to the report.

© Reuters. FILE PHOTO: The FIFA logo is seen outside the FIFA headquarters in Zurich, Switzerland December 17, 2015. REUTERS/Ruben Sprich/File Photo

FIFA has faced criticism from players unions for not consulting them before making announcements about the event, according to the report.

"As a general practice, FIFA does not confirm or deny commercial discussions," a spokesperson for the governing body said in response to Reuters' request for a comment. Apple declined to comment.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.