Puma Craters 56% YTD — Is a Takeover Coming?

Good morning, ! This week we’re looking at Connor McGregor`s Business Portfolio, Big 12 Conference leads the pack in college basketball hoops with a 0.605 rating, more than 52% of sports fans now use generative AI regularly or occasionally, Puma’s market value has cratered by 56% YTD, and now two of China’s largest sportswear players are eyeing the German brand.

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MEDIA & SPORTS

Top 10 Conferences, Top 10 TV Opportunities

Forget Cinderella stories—ratings parity is the new March Madness narrative. The Big 12 leads the pack in college hoops with a 0.605 rating, but it’s a tight race. Just 0.064 points separate the top five conferences, putting networks and advertisers in a sweet spot: more top-tier matchups across more regions. BYU (6-1) headlines for the Big 12, while Michigan (7-0) and Duke (8-0) anchor the Big Ten and ACC. Even mid-majors like the WCC (Gonzaga) and Big West (UCSD) crack the top 10, offering strong streaming value and local engagement upside. For media partners, this isn’t just about dominance—it’s about depth. (More)

PRESENTED BY TEST DOUBLE

Insights Report—Symptoms to Sources: Biggest software challenges in healthcare for 2026

Test Double unpacks why healthcare tech initiatives fail and shares a more holistic approach to identify and solve the right root cause problems heading into 2026. Original research is ongoing—access the report and add your voice to a survey of healthcare IT, engineering, and product leaders.

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INVESTOR CORNER

Anta and Li Ning Circle Puma: A Valuation Tug-of-War

Puma’s market value has cratered by 56% YTD, and now two of China’s largest sportswear players—Anta Sports and Li Ning—are eyeing the German brand. Reports suggest both are evaluating bids, possibly in partnership with private equity, though no formal offers have materialized.

The target is financially fragile but globally recognized. Puma trades at €2.52B ($2.92B), making it a potential bargain for strategic buyers. But Artemis, the French holding firm behind Kering and Puma’s largest shareholder, is reportedly holding out for a turnaround under new CEO Arthur Hoeld—complicating deal talks.

For investors, the potential tie-up is strategic. Anta and Li Ning have already shown global ambition: Anta acquired Amer Sports (Wilson, Salomon) in 2019 for $5.2B. A Puma acquisition would further internationalize their portfolios and add critical Western market penetration.

Bottom line: This isn’t just a distressed asset play—it’s a bet on brand rehabilitation, multi-market expansion, and value arbitrage. The wildcard? Whether PE firms will help bridge the valuation gap or walk away from another turnaround premium. (More)

ENTREPRENEURS

McGregor Inc.: The Fighter Who Became a Portfolio

Conor McGregor has turned his post-UFC career into a masterclass in diversification. After cashing out of Proper No. Twelve for a reported US$600M, he doubled down on consumer brands, hospitality, and media. The centerpiece: Forged Irish Stout, supported by his acquisition of Porterhouse Brewery to secure production and distribution. In Dublin, he’s built a mini-empire of pubs — including The Black Forge Inn, Waterside Bar, and Marble Arch — though not all are immediate profit machines. On the lifestyle side, he co-founded August McGregor, launched fitness platform McGregor FAST, and expanded into recovery via TIDL Sport. Add The Mac Life media arm and his stake in BKFC, and McGregor isn’t just an athlete brand; he’s a vertically stacked ecosystem. (More)

TOGETHER WITH ROKU

Shoppers are adding to cart for the holidays

Peak streaming time continues after Black Friday on Roku, with the weekend after Thanksgiving and the weeks leading up to Christmas seeing record hours of viewing. Roku Ads Manager makes it simple to launch last-minute campaigns targeting viewers who are ready to shop during the holidays. Use first-party audience insights, segment by demographics, and advertise next to the premium ad-supported content your customers are streaming this holiday season.

Read the guide to get your CTV campaign live in time for the holiday rush.

Learn more.

TECH & INFRASTRUCTURE

AI’s New Stadium: The Global Fan Experience Gets an Upgrade

AI isn’t just courtside anymore — it’s officially part of the sports infrastructure stack. New global data shows more than 52% of sports fans now use generative AI regularly or occasionally, turning everything from match previews to highlight reels into automated, always-on utilities. The real surge is coming from India, the UAE, and Brazil, where mobile-first fan culture is driving adoption at stadium-lighting speed. Younger fans are the power users, with 65% of Gen Z leaning on AI for real-time content and insights. For leagues and rights holders, the takeaway is simple: AI isn’t a feature — it’s an infrastructure layer. Those who embrace automated summaries, personalized feeds, and real-time analytics will scale fan engagement globally. Those who don’t will be stuck running a legacy playbook. (More)

eSPORTS

AI Is the Next Odds-Maker—And Gen Z Is Already Betting on It

The rise of AI in sportsbooks isn’t theoretical anymore—it's entering mainstream adoption, with 43% of 18–34-year-old bettors saying they’ll use AI for wagering decisions in the next year. This surge is most pronounced in esports betting, where Gen Z users expect not just odds, but real-time insights, personalized alerts, and frictionless interfaces.

Operators like LSports are responding by embedding AI across their stack—from automated odds calculation to risk flagging, fraud detection, and customer segmentation. Scale is the driver: where a sportsbook once handled 100,000 events a year, some now host over 2 million, many in esports.

This tech arms race is also creating new baselines for infrastructure. Cloud-native platforms, modular AI systems, and open data architectures are no longer nice-to-haves—they're prerequisites for survival. The implication for esports? More tailored betting products, sharper pricing, and faster dispute resolution—underpinned by invisible but indispensable machine intelligence.

Strategically, the real play is customer stickiness. AI won’t replace humans entirely, but in a world of real-time esports odds, it will increasingly augment the trader—and define the experience. (More)

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Henry Ford