'Acquired' podcast co-hosts on the business of the NFL, global expansion and Super Bowl matchup

Summary

CNBC Squawk Box interviews Acquired podcast co-hosts Ben Gilbert and David Rosenthal about the business of the NFL ahead of the Super Bowl. They discuss the NFL's competitive balance and revenue-sharing model, the recent arrival of private equity minority ownership, rising team valuations, and international expansion opportunities. They also compare the NFL's model with other leagues such as the NBA, MLB, MLS, and the Indian Premier League, and briefly touch on Super Bowl picks. No direct stock or public-market investment recommendations are made.

• NFL is described as the strongest sports league due to competitive balance and equal revenue sharing.
• Private equity was allowed to buy up to 10% stakes in NFL teams, leading to more minority-stake sales.
• Average NFL team valuations have risen sharply to over $7 billion, according to the guests.
• NFL international expansion is seen as the next growth leg, with more overseas games and potential media packages.
• Tech platforms like YouTube are noted as global media partners that could help the NFL reach beyond the U.S.
• Established NBA and MLB are seen as unlikely to copy the NFL model because teams would not give up local media revenue.
• Startup leagues like MLS and the Indian Premier League are cited as having modeled themselves after the NFL.
• The hosts and guests end with informal Super Bowl picks and no clear public-market trade.