Good morning, Broadsheet readers! Michelle Obama launches a new food and beverage brand, Kamala Harris sits down with A.I. leaders, and Fortune leadership fellow Paolo Confino interviews NWSL commissioner Jessica Berman on the league’s growth prospects. Have a relaxing weekend.
– ‘Long-term greedy.’ Many people are passionate about women’s sports. And passion is great, says National Women’s Soccer League commissioner Jessica Berman—but it’s not enough.
The commissioner is on a mission to convince the right investors to back the league, for the right reasons. Berman, a former deputy commissioner of the National Lacrosse League, who became NWSL commissioner in April of last year, says the league’s principal objective is to find the right commercial partners—which she defines as sponsors, investors, and broadcasters—to “transcend the mainstream” and become an everyday staple in American sports fans’ lives. In 2022, the NWSL saw a reported 87% increase in sponsorship revenues and, according to one executive, a 25% increase in season ticket holders. The league currently has 12 teams, up from 10 in 2021, with plans to add two more in 2024. “Do you think of women’s soccer and women’s sport as a business or are you here because you have a daughter or granddaughter?” Berman says. “Because [the latter is] not going to be enough to drive the future of this business.”
An investor like Alexis Ohanian is a prime example, she says. The Reddit cofounder was so impressed with the atmosphere at a World Cup game in 2019 that he decided to invest in an NWSL team, having never even heard of the league before then, according to ESPN. His passion for women’s sports and sharing the experience with Olympia, his daughter with Serena Williams, was only part of the equation.
Berman has already notched some big wins.
In April, the NWSL announced a record $53 million expansion fee for a new team in the Bay Area, which counts former Meta COO Sheryl Sandberg as an investor. Los Angeles’ celebrity-backed Angel City FC, meanwhile, could become the first women’s sports team valued at $1 billion. “There is no fundamental reason why a women’s soccer league like the NWSL can’t be as successful as the NBA,” Berman says.
Berman hired former NFL executive Julie Haddon as the league’s first-ever chief marketing officer in August. Haddon estimates that there are currently a mouthwatering 54 million potential NWSL fans in the U.S.
Another major upside for the league is the promise of a new, more lucrative media rights deal. The NWSL’s current agreement with CBS, for a reported $4.5 million over three years, is set to expire at the end of the current season. (The NWSL declined to confirm the value of its current deal.)
In a savvy move, Berman and her team signed a series of one-year international broadcasting deals with DAZN in Europe, Brazil, and Japan; Tigo in Central America; and TSN in Canada, which are all set to expire at the same time as the CBS contract. The hope is that demonstrating interest in the NWSL overseas will beef up the league’s leverage heading into negotiations.
“We’ve been pleasantly surprised to find out how much interest there is already in the NWSL [abroad],” Berman says. “In hindsight, that shouldn’t have been that surprising, because we know that soccer is the global game.”
For the new media rights deal, Berman wants the NWSL to be what she calls “long-term greedy,” prioritizing the league’s future over an immediate big check.
“We really feel like we’re at the infancy of this league’s growth,” she says. “We want to make sure that the decisions we make today will set us up for success in the future.”
Paolo Confino
paolo.confino@fortune.com
@paolo1000_
The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Kinsey Crowley. Subscribe here.
ALSO IN THE HEADLINES
- VP x A.I. Vice President Kamala Harris and other White House officials will meet with executives from top tech companies like Google, Microsoft, and OpenAI to discuss the safety and responsibility of A.I. advancements. The White House also announced that the National Science Foundation will invest $140 million in A.I. research and release draft guidelines as the technological boom raises cybersecurity, economic, and legal questions. New York Times
- Leave equality. More companies are offering equal parental leave regardless of gender according to data from JUST Capital. This year, the share of companies offering 12 weeks of paid parental leave for any new parent jumped up to 9% from 6% last year. An additional 16% offer parity but for less than 12 weeks of leave. Bloomberg
- Risky business. BudLight’s parent company Anheuser-Busch is trying to make amends with distributors who bore the brunt of the backlash against the beer company’s partnership with trans influencer Dylan Mulvaney. They are boosting advertising spending for BudLight and offering a case of beer to employees. One distributor called the move risky, saying “I lost my cowboy bars and now I could lose my gay bars, too.” Wall Street Journal
IN CASE YOU MISSED IT
- Drink up. Former First Lady Michelle Obama is starting a new food and beverage brand to help counter child obesity. She said that businesses are capitalizing on children’s love of sugar without being mindful of their health. Her new brand PLEZi will be led by public health and nutrition experts. One of the company’s first offerings is a fruity drink to be sold at Target and Sprouts. Fortune
- Under review. Attorneys general of New York and California are launching a joint investigation into the NFL’s treatment of women and their claims of discrimination and retaliation. Letitia James of New York and Rob Bonta of California said they have concerns about the toxicity of the workplace. The NFL said it intends to cooperate and create a law-abiding and welcoming environment. New York Times
- Doctor pay gap. Female physicians are closing the pay gap with their male counterparts, albeit slowly. Women doctors earn 19% less than men, down from 25% in 2018. Racial disparity is still pervasive, too: Black physicians make 13% less than their white peers. Essence
ON MY RADAR
Who can top Rachel Weisz? Vulture
Tembe Denton-Hurst wants to inspire your group chat Elle
The future of policing is a 'little gay woman' named Terry Cherry The Atlantic
Meet the women embracing menopause—and those hoping to end it Fast Company
PARTING WORDS
"Momma, you've made it."
—Billie Lourd, paying tribute to her mother, actor Carrie Fisher, as Fisher received a star on the Hollywood Walk of Fame
This is the web version of The Broadsheet, a daily newsletter for and about the world’s most powerful women. Sign up to get it delivered free to your inbox.
