Front Office Sports vs Gray Media

Novig Sports Betting Exchange Quadruples Valuation to $2B

Novig, a New York-based sports betting exchange startup, is set to quadruple its valuation to approximately $2 billion in a new funding round expected to close by winter, as reported by Front Office Sports. Founded in 2021, Novig operates a prediction market where users trade contracts on sports outcomes, generating revenue through fees. In February, the company raised $75 million at a $500 million valuation. Novig received CFTC approval in June, enabling operations across all 50 US states, and has seen over $5 billion traded on its platform. Despite this growth, Novig remains smaller than competitors Kalshi ($40B valuation) and Polymarket ($21B). However, regulatory challenges loom, as New York has sued those competitors for alleged illegal gambling, and Spain has temporarily blocked them, with the EU's ESMA warning that such contracts may fall under the binary options ban. Novig's future depends on whether its federal approval shields it from state lawsuits.

• Novig is set to be valued at approximately $2 billion in a new funding round expected to close by winter.
• In February, Novig raised $75 million at a $500 million valuation.
• Novig received CFTC approval in June, allowing operations in all 50 US states.

Samsung TV Plus and Front Office Sports Studios Announce First Streaming Partnership for Front Office Sports Tonight

Samsung TV Plus announced an exclusive FAST partnership with Front Office Sports Studios to stream Front Office Sports Tonight.

Sports Broadcaster Bridget Condon Joins Front Office Sports Tonight

As New York Correspondent, Bridget Condon will deliver sharp analysis on cultural, entertainment, and business stories in the world of sports.

8-K Financial Filing Analysis for Gray Media (2026-08-18)

On August 17, 2026, Gray Media, Inc. announced the pricing of an offering of $750 million aggregate principal amount of 7.500% senior secured first lien notes due 2034 in a private placement under Rule 144A and Regulation S. The proceeds from the debt issuance are designated to redeem a portion of the company's existing 10.500% senior secured first lien notes due 2029, repay outstanding borrowings under its revolving credit facility, and cover related transaction fees and expenses. This refinancing transaction improves Gray Media's debt maturity profile and significantly lowers interest expenses by refinancing high-cost 10.500% debt with 7.500% paper.

• Priced $750 million aggregate principal amount of 7.500% senior secured first lien notes due 2034.
• Proceeds will be used to partially redeem existing 10.500% senior secured first lien notes due 2029 and pay down revolving credit facility borrowings.
• Issued via private placement to qualified institutional buyers under Rule 144A and Regulation S.

Atlanta Hawks to Stream Local Games Exclusively on Prime Video

The Atlanta Hawks announced a historic deal making Prime Video the exclusive streaming home for their locally distributed NBA games starting the 2026-27 season. The agreement covers 74 regular-season games, available at no extra cost to Amazon Prime members within the team's regional territory spanning parts of Georgia, Alabama, Tennessee, South Carolina, and Mississippi. This marks the first time an NBA team has chosen Prime Video for exclusive local game streaming. The Hawks will also continue their existing free over-the-air broadcast partnership with Gray Media on WANF and Peachtree Sports Network. This move reflects the growing trend of teams bypassing traditional regional sports networks, especially after the parent company of the former RSN, Main Street Sports Group, ceased operations. Prime Video is also expanding its national NBA coverage, while the NBA reportedly plans a local streaming hub for the 2027-28 season.

• Atlanta Hawks becomes first NBA team to stream local games exclusively on Prime Video for the 2026-27 season.
• The deal covers 74 regular-season games, available to Amazon Prime members in the team's regional territory at no extra cost.
• The Hawks will also continue free over-the-air broadcasts via Gray Media stations WANF and Peachtree Sports Network.

8-K Financial Filing Analysis for Gray Media (2026-10-09)

On October 8, 2026, Gray Media, Inc. executed the Seventh Amendment to its Fifth Amended and Restated Credit Agreement with Wells Fargo Bank as administrative agent. The refinancing transaction establishes a new $600 million Term Loan G maturing on July 15, 2030, and adjusts the revolving credit facility by extending its maturity to July 15, 2030, while downsizing aggregate commitments from $750 million to $680 million. Proceeds from the Term Loan G were utilized to pay transaction fees and pay down the existing Term D Loan, reducing its outstanding balance to $150 million. The Term Loan G carries an interest rate of Term SOFR plus 3.50% (or Base Rate plus 2.50%) with 0.25% quarterly principal amortization, and includes springing maturity provisions tied to the remaining balances of the Term D Loan and 2029 First Lien Notes.

• Issued a new $600 million Term Loan G maturing on July 15, 2030, priced at Term SOFR plus 3.50% (or Base Rate plus 2.50%) with 0.25% quarterly amortization.
• Used Term Loan G proceeds to pay down the existing Term D Loan maturing December 1, 2028, reducing the outstanding principal to $150 million.
• Extended the maturity of the Revolving Credit Facility to July 15, 2030, while resizing total commitments from $750 million to $680 million.