Mar 24, 2020 - Sports

76ers and Devils owners cut employee pay amid coronavirus fallout

Josh Harris and David Blitzer, owners of the New Jersey Devils and Philadelphia 76ers. Photo: Andy Marlin/Getty Images

Harris Blitzer Sports & Entertainment, the sports and entertainment group that owns the Philadelphia 76ers and New Jersey Devils, has notified full-time employees making $50,000 or more that they will be subject to pay cuts starting as soon as next month due to the coronavirus fallout.

The response: Not great, as you might expect. Ownership considers this a "temporary measure aimed at avoiding layoffs," per NYT's Marc Stein, but fans aren't buying it.

  • What they're saying: Just search "Josh Harris" (net worth: $3.8 billion) or "David Blitzer" (net worth: $1.3 billion) on Twitter and you'll find out pretty quickly how most Americans feel about billionaires cutting pay to avoid incurring losses that they could presumably withstand.

The harsh reality: As the sports world navigates the evolving coronavirus landscape, more ownership groups will likely enact similar measures.

Go deeper: NASCAR leads the virtual sports charge amid coronavirus outbreak

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Global entertainment market topped $100 billion for first time in 2019

Illustration: Sarah Grillo/Axios

The global entertainment market, which includes box office and in-home entertainment (streaming) revenues, topped $100 billion last year — a first for the industry, according to a new report released Tuesday by the Motion Picture Association of America.

Why it matters: It's looking unlikely that 2019's bombshell success will carry over into 2020, given the unprecedented stress that Hollywood is facing due to the global coronavirus outbreak.

How the coronavirus-driven sports outage impacts TV and advertising

Illustration: Rebecca Zisser/Axios

Without live sports for the foreseeable future, it's unclear what networks like ESPN and FS1 will broadcast in those time slots or what they'll talk about on their studio shows and radio programs during the day.

Why it matters: With so many Americans nesting at home, linear TV viewership was expected to spike. But without sports, streaming platforms, video games and other mediums will likely be the big winners instead.

Go deeperArrowMar 13, 2020 - Sports

Kamala Harris endorses Joe Biden

Photo: Scott Olson/Getty Images

Former presidential candidate Sen. Kamala Harris endorsed Joe Biden for president on Sunday, saying in a tweet that he "has served our country with dignity and we need him now more than ever."

Why it matters: It's yet another endorsement of Biden from a former presidential candidate and an especially significant one considering that Harris' attacks on Biden over his support for busing in the first Democratic debate were viewed at the time as a massive blow.