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"MediaTalk" host Mike Reynolds and S&P Global Market Intelligence tech policy reporter Stefan Modrich dive into the rapidly evolving world of prediction market platforms like Kalshi and Polymarket. They explore how these platforms, which allow users to wager on everything from political events to sports outcomes, are blurring the lines between traditional betting and financial markets. The conversation covers regulatory challenges, particularly the ongoing debate between state and federal oversight led by the Commodity Futures Trading Commission (CFTC), and highlights the platforms' growing influence in mainstream media and professional sports leagues. The episode also addresses concerns around market manipulation, insider trading, and the ethical boundaries of prediction markets, especially as they intersect with AI and controversial "death contracts." As these platforms expand and attract partnerships with major leagues and media organizations, their regulatory future remains uncertain. More S&P Global content: Prediction markets create insider trading loophole as enforcement lags Featured experts: Stefan Modrich, tech policy reporter for S&P Global Market Intelligence  Credits: Host/Author: Mike Reynolds Producer/Editor: Sarah James www.spglobal.com www.spglobal.com/market-intelligence

With the 2026 US midterms shaping up to be a major windfall for political advertising, this "MediaTalk" episode unpacks how media companies should position for it. Control of Congress is up for grabs, with a handful of "toss-up" Senate and House races. On top of that are the gubernatorial races. Taken together, record-level spending is expected. Local broadcast remains a cornerstone, with estimates of $4 billion in political revenue for local TV. Meanwhile, connected TV is no longer incremental — it's becoming a primary budget line thanks to targeting and reach beyond shrinking pay TV. The conversation also highlights how station groups with heavy exposure in battleground states — and potentially a reshaped landscape if major consolidation proceeds — could disproportionately benefit. The episode considers how local broadcasters should package linear and connected TV to defend pricing power. Also, which states and ad markets will drive the most spending? More S&P Global content: Technology, Media, & Telecoms Featured experts: Steve Passwaiter, president of Silver Oak Political Peter Leitzinger, analyst at S&P Global Market Intelligence Kagan. Credits: Host/Author: Mike Reynolds Producer/Editor: Sarah James www.spglobal.com www.spglobal.com/market-intelligence

Sports media is entering a period of rapid change: rights costs keep climbing, distribution is splintering, and leagues are rethinking how to reach fans who no longer live in a single bundle. In this "MediaTalk" episode, S&P Global Market Intelligence's Kagan team unpacks the globalization of sports rights, the shift of local games from collapsing regional sports networks to broadcast stations, and the accelerating move to direct-to-consumer streaming that promises reach but tests pricing tolerance. The conversation also flags how 2026-era mega-events and the rapid evolution of sports betting and prediction markets are adding new revenue streams — and new complexity — for media companies trying to balance scale, exclusivity, and profitability. If fragmentation is the new normal, who will win the customer relationship: leagues, platforms, or aggregators? How much more will fans pay before "must-have" sports becomes a subscription breaking point? More S&P Global content: Navigating the Chaos of Sports Media Rights Fragmentation Maximizing Sports Media Rights Value: Benchmarking, Negotiation, & Market Intelligence in 2026 Featured experts: Justin Nielson, principal analyst at S&P Global Market Intelligence Kagan. Scott Robson, principal analyst at S&P Global Market Intelligence Kagan. Michael Johnson, research analyst at S&P Global Market Intelligence Kagan Credits: Host/Author: Mike Reynolds Producer/Editor: Sarah James www.spglobal.com www.spglobal.com/market-intelligence

The Masters may be a tradition unlike any other, but its media rights strategy is evolving in a very modern way as more coverage migrates to streaming. Starting in 2026, Augusta National adds Amazon Prime Video as a new domestic partner, giving Prime two exclusive hours of live coverage on Thursday and Friday before ESPN's afternoon coverage begins. CBS remains the weekend broadcast home. This "MediaTalk" episode explores whether the streaming expansion will enhance the Masters' mystique — or dilute the scarcity that makes it so valuable? The conversation turns to PGA Tour CEO Brian Rolapp's proposed structural overhaul—fewer but bigger events, more presence in major U.S. markets, and even promotion/relegation — framing it as a bid to increase competitive intensity and year-round narrative. If the PGA Tour adopts relegation and fewer "bigger" events, does that strengthen the product — or risk alienating core fans and sponsors?  Also discussed is Versant's evolving sports portfolio, streaming's expanding role across rights packages, LIV's uneven US traction despite wider distribution, and the outlook for TGL/WTGL. More S&P Global content: Navigating the Chaos of Sports Media Rights Fragmentation Maximizing Sports Media Rights Value: Benchmarking, Negotiation, & Market Intelligence in 2026 Featured experts: Scott Robson, principal analyst at S&P Global Market Intelligence Kagan. Michael Johnson, research analyst at S&P Global Market Intelligence Kagan Credits: Host/Author: Mike Reynolds Producer/Editor: Sarah James www.spglobal.com www.spglobal.com/market-intelligence

"MediaTalk" delves into the ins and outs of baseball media rights, distribution disruption, and the business model pressure points shaping MLB's next decade. The episode unpacks how MLB's new ABS (Automated Ball-Strike) challenge system adds a layer of on-field strategy without fully replacing human umpires, reflecting a broader theme: incremental tech adoption with high-stakes outcomes. From there, the conversation pivots to the World Baseball Classic's breakout viewership, underscoring how premium events can generate outsized audience demand and advertiser value. The biggest story, though, is structural: the collapse and restructuring of the regional sports network (RSN) ecosystem and MLB's expanding role in local production and direct-to-consumer distribution. With top franchises still collecting massive local rights fees while others face uncertainty, the episode highlights widening competitive imbalance — fueling concerns that the next labor fight could center on caps, floors, and revenue sharing. Will MLB successfully centralize local streaming by 2028 — or will big-market teams block the model to protect premium RSN economics? Finally, the episode examines why Netflix and NBC want curated MLB inventory and what that signals about sports' role in reducing churn and owning "appointment" windows. As streamers cherry-pick tentpole games, what's the next must-have rights package that will reshape sports media valuations? More S&P Global content: Navigating the Chaos of Sports Media Rights Fragmentation Maximizing Sports Media Rights Value: Benchmarking, Negotiation, & Market Intelligence in 2026 Featured experts: Scott Robson, principal analyst at S&P Global Market Intelligence Kagan. Michael Johnson, research analyst at S&P Global Market Intelligence Kagan Credits: Host/Author: Mike Reynolds Producer/Editor: Sarah James www.spglobal.com www.spglobal.com/market-intelligence

March Madness is a case study in how premium sports rights stand to be repackaged and monetized in an increasingly  fragmented TV-and-streaming ecosystem. This "MediaTalk" episode highlights the long-running CBS and TNT Sports partnership as an unusually durable co-rights model — one that blends broadcast reach with cable affiliate economics and modern streaming distribution. With the looming possibility of Paramount Skydance and Warner Bros. Discovery becoming corporate teammates, the episode explores what consolidation could mean for rights strategy, brand architecture and platform rationalization. A key theme: distribution optionality is now paramount. Between March Madness Live, Paramount+ and HBO Max, the tournament demonstrates how major events can drive authentication, subscriptions, and ad sales across multiple endpoints. However, this also raises the question of whether three parallel digital destinations is sustainable long-term. The episode also connects tournament scheduling and expansion chatter to broader sports calendar realities and ad inventory constraints. Beyond rights, the episode digs into NIL and federal policy proposals (including the SCORE Act and College Sports Competitiveness Act) as forces that could reshape cost structures, conference leverage, and the long-run economics underpinning media deals. Finally, the episode frames sports betting — including prediction markets — as an increasingly material engagement layer, especially in non-legal betting states. More S&P Global content: Navigating the Chaos of Sports Media Rights Fragmentation Maximizing Sports Media Rights Value: Benchmarking, Negotiation, & Market Intelligence in 2026 Featured experts: Justin Nielson, principal analyst at S&P Global Market Intelligence Kagan. Scott Robson, principal analyst at S&P Global Market Intelligence Kagan. Michael Johnson, research analyst at S&P Global Market Intelligence Kagan Credits: Host/Author: Mike Reynolds Producer/Editor: Sarah James www.spglobal.com www.spglobal.com/market-intelligence

Broadband is behaving more like a true utility, with churn holding near a remarkably low 1% per month for fixed broadband, comparable only to mobile phone providers. Moves remain the top driver of customer loss, followed by the hunt for lower prices and frustrations with service quality, especially among older households, families with children, and higher-income users who are more intolerant of outages. Speed, while important, ranks further down the list of reasons to switch. At the same time, competitive pressure is intensifying. Fixed wireless access is scaling quickly in both rural and suburban/urban markets, and Starlink's aggressive pricing and rapid growth are reshaping satellite broadband economics ahead of a potential IPO. Fiber leaders like Verizon Fios and Frontier show the lowest churn, and cable operators are leaning on deep bundles to lock in customers for five to 10 years. As broadband matures, will pricing and service quality outweigh speed as the decisive factors in retention? Can incumbents hold the line against fixed wireless and LEO satellite challengers? More S&P Global content: US Broadband monthly churn hits 1.3% Fixed wireless subscribers by state  Featured experts: John Fletcher, principal research analyst at S&P Global Market Intelligence Kagan. Brian Bacon, research analyst on the Consumer Insights team within S&P Global Market Intelligence Kagan Credits: Host/Author: Mike Reynolds Producer/Editor: Sarah James www.spglobal.com www.spglobal.com/market-intelligence

Funding for the generative AI sector has shattered records in just two months of 2026, surpassing all of 2025. OpenAI's staggering $120 billion funding round, alongside Anthropic's $30 billion and X.AI's $20 billion, signals unprecedented confidence in AI's transformative potential. But the story extends beyond foundation models. As traditional venture capital firms find themselves priced out of mega-rounds, capital is flowing into the application and infrastructure layers, particularly code generation — currently AI's most proven use case. Meanwhile, the SaaS sector faces an existential reckoning as investors question whether AI-native businesses can deliver superior customer value at lower marginal costs. The infrastructure race intensifies as hyperscalers like Microsoft, Amazon, and Google compete for AI supremacy, driving data center valuations into the stratosphere. Yet power constraints loom large — 2026 may mark the first year a data center project fails purely due to energy shortages. With gas turbine manufacturers booked through 2030, the question isn't just about capital availability, but physical infrastructure capacity. This episode explores what happens when unprecedented capital deployment for AI funding collides with fundamental resource constraints and energy supply reality.  More S&P Global content: GenAI VC Funding: A 2026 Outlook Datacenter Dealmaking: Can the Record-Breaking Momentum Continue in 2026? Featured experts: Iuri Struta, senior reporter at S&P Global Market Intelligence  Credits: Host/Author: Mike Reynolds Producer/Editor: Sarah James www.spglobal.com www.spglobal.com/market-intelligence

"MediaTalk" host Mike Reynolds sits down with Mike Donoghue, CEO and co-founder of Subtext, to discuss how AI is reshaping brand-consumer relationships in today's cluttered digital landscape. Subtext, a short message service marketing platform, recorded remarkable growth last year, notching a more than 100% revenue increase in 2025. Donoghue emphasized that while AI is inevitable, its proper application is critical. Rather than replacing human voices, Subtext uses AI to analyze consumer responses and generate actionable insights. "People want to talk through machines, not to machines," he explained, highlighting that brands foregoing genuine human connection risk losing relevance in an increasingly automated world. As email marketing faces AI-driven disruption similar to what search experienced, more publishers are turning to SMS to maintain direct audience relationships without big tech gatekeepers. This episode explores what the balance between AI efficiency and human connection will look like in 2026 and 2027, and how brands are preparing for the AI-driven transformation of traditional communication channels. Are direct, unfiltered connections an essential strategy to stand out in an increasingly automated world? More S&P Global content: Technology, Media, & Telecoms GenAI VC Funding: A 2026 Outlook Featured experts: Mike Donoghue, CEO and co-founder of Subtext Credits: Host/Author: Mike Reynolds Producer/Editor: Sarah James www.spglobal.com www.spglobal.com/market-intelligence

"MediaTalk" host Mike Reynolds is joined by three analysts from S&P Global Market Intelligence Kagan to discuss the evolving landscape of mobile and broadband markets across the US and Europe in 2026. The discussion highlighted how connectivity has become the central focus for telecommunications providers, with streaming service aggregation emerging as the new strategic approach for traditional operators seeking to maintain relevance in an increasingly competitive marketplace. The conversation revealed contrasting trends in pay TV markets, with the US showing some resilience in 2025 after years of decline, particularly through virtual providers like YouTube TV. European markets have experienced less dramatic subscriber losses due to stronger bundling strategies and robust free-to-air options that continue to satisfy consumer demand. These regional differences underscore how market structures and consumer preferences continue to shape telecommunications business models differently across geographies. The analysts emphasized how the convergence of fixed and mobile services is fundamentally reshaping competition in the telecommunications sector. T-Mobile's strategic expansion into fiber, cable companies' growing mobile service offerings, and the acceleration of fixed wireless access are creating new competitive dynamics that blur traditional industry boundaries. Meanwhile, the media landscape continues to transform as telecommunications companies increasingly divest content assets that are being consolidated by dedicated media companies. These shifts suggest a fundamental restructuring of how telecommunications services will be packaged, marketed and delivered to consumers in the coming years. More S&P Global content: Technology, Media, & Telecoms Fixed wireless subscribers by state  Featured experts: Lynnette Luna, senior research analyst at S&P Global Market Intelligence Kagan. John Fletcher, principal research analyst at S&P Global Market Intelligence Kagan. Mohammed Hamza, principal research analyst at S&P Global Market Intelligence Kagan. Credits: Host/Author: Mike Reynolds Producer/Editor: Sarah James www.spglobal.com www.spglobal.com/market-intelligence

For better or worse, the domestic box office is changing. While the pre-pandemic film calendar was dominated by super hero movies, the current box office calendar has more room for director auteurs and A-list actors to make their marks. This episode explores how expectations around theatrical windows are changing — as "Zootopia 2" enjoys an especially long and lucrative run in theaters. Meanwhile, Netflix is trying to buy Warner Bros. while simultaneously flip-flopping on a 7 vs. 17 vs. 45-day window for films in theaters.  This "MediaTalk" episode makes the case for the unique role that theaters play for audiences and filmmakers. What will 2026 bring? How are studios adapting their release and marketing strategies in a streaming-first world?  More S&P Global content: MediaTalk | Season 2 EP 14 - The Summer Box Office Begins - https://www.spglobal.com/marketintelligence/en/news-insights/podcasts/mediatalk-s2-ep-14 Featured experts: Wade Holden, senior research analyst at S&P Global Market Intelligence Kagan Mac Mathews, associate director of editorial, design and publishing at S&P Global Credits: Host/Author: Mike Reynolds Producer/Editor: Sarah James

Super Bowl 60 is not just the biggest NFL game of the year — it is arguably the single biggest media and advertising event on the sports calendar. "MediaTalk" host Mike Reynolds is joined by a panel of S&P Global Market Intelligence Kagan analysts to unpack how NBC's presentation of the big game across NBC, Telemundo and Peacock turns the matchup into a cross-platform showcase designed to maximize reach and ad yield. The episode examines the NFL's strong regular-season audience and how recent Nielsen measurement changes — especially "Big Data + Panel" and expanded out-of-home tracking — matter when interpreting year-over-year growth. The discussion also touches on streaming's continued momentum and how premium live sports can scale outside traditional TV, even as linear remains the dominant mass-reach environment. On the ad side, the headline is pricing: the most expensive 30-second spots reportedly fetched $10 million this year, with the average around $8 million. Advertisers remain willing to pay up for the cultural impact and attention that is hard to replicate elsewhere. The group also flags the expected surge of AI-themed Super Bowl advertisers and debates whether this year can match last season's 127.7 million record audience. More S&P Global content: The Business of Sports  Moneyball: The impact of sports media rights on the US video market Featured experts: Justin Nielson, head of Kagan Research at S&P Global Market Intelligence. Scott Robson, principal analyst at S&P Global Market Intelligence Kagan. Michael Johnson, research analyst at S&P Global Market Intelligence Kagan. Credits: Host/Author: Mike Reynolds Producer/Editor: Sarah James www.spglobal.com www.spglobal.com/market-intelligence

With the Winter Olympics quickly approaching, expectations are high — both in terms of the potential US medal count and the viewership and revenue opportunities for US rightsholder NBCUniversal.  "MediaTalk" host Mike Reynolds is joined by Gary Zenkel, president of NBC Olympics to discuss his outlook for this year's Winter Games. NBC anticipates strong audience interest, robust advertiser participation, and a Peacock experience that converts Olympic demand into sustained streaming usage. The network says Olympic ad inventory was sold out about a month before opening day, reinforcing the Games' status as a scarce, brand-safe property and extending the momentum NBC saw in Paris. Operationally, Zenkel describes a large-scale, efficiency-driven production model that blends on-site coverage in Italy with expanded remote production from Stamford, Connecticut. The approach reflects pandemic-era acceleration of technology-enabled workflows, designed to control costs while still delivering comprehensive coverage across platforms. Peacock is positioned as the centerpiece of the consumer experience and the growth engine for streaming engagement. NBCUniversal plans to offer the broadest access through Peacock — live events, replays, sport deep dives, and curated viewing options — while using NBC's prime-time show as a story-forward package that drives mass reach and daily buzz. Zenkel notes that total distribution across streaming and linear will exceed 3,000 hours, underscoring Peacock's role in delivering breadth and personalization. More S&P Global content: How Sports Media Rights Are Changing the Game for Fans and Networks Featured experts: Gary Zenkel, President, NBC Olympics Credits: Host/Author: Mike Reynolds Producer/Editor: Sarah James www.spglobal.com www.spglobal.com/market-intelligence

"MediaTalk" host Mike Reynolds is joined by S&P Global Market Intelligence Kagan analysts Seth Shafer and Michail Chandakas to explore the streaming landscape in the US and Europe as we look ahead to 2026. The conversation explores how leading platforms like Netflix, HBO Max, and Paramount+ are evolving amid market saturation, M&A activity and shifting consumer habits. Seth Shafer highlights the maturation of the US streaming market, where growth is slowing and consolidation is becoming a strategic necessity. He points to the increasing role of bundled offerings and the challenge of sustaining subscriber growth as households juggle multiple services. Michail Chandakas provides a European perspective, noting Netflix's dominant market share and the launch of HBO Max in new territories. He observes that partnerships between US streamers and local broadcasters are becoming more aggressive, helping both sides reach broader audiences and meet local content quotas. Sports streaming is another hot topic, with both analysts agreeing that live sports rights are crucial for driving engagement — but also create fragmentation as fans chase content across platforms. The rise of ad-supported streaming is a key driver of growth, particularly in Europe, though monetization remains a challenge. More S&P Global content: Implications of the Netflix-Warner Bros. Discovery deal for the APAC region Featured experts: Seth Shafer, principal analyst at S&P Global Market Intelligence Kagan. Michail Chandakas, analyst at S&P Global Market Intelligence Kagan.  Credits: Host/Author: Mike Reynolds Producer/Editor: Sarah James www.spglobal.com www.spglobal.com/market-intelligence

"MediaTalk" listeners get an insider's view of the CES 2026 through the eyes of S&P Global Market Intelligence's Neil Barbour and Stefan Modrich. The pair provide an in-depth look at the latest advancements in robotics and AI showcased at the annual consumer tech trade show. The discussion highlights the capabilities and limitations of the newest robots, which can perform tasks like serving coffee, playing ping pong, and even taking Polaroid snapshots. Despite these advancements, the episode questions whether robots are ready to enter our homes, noting they remain slow, clunky, and prone to errors, making them more suited for industrial settings for now. On the policy front, the episode explores the evolving landscape surrounding AI, touching on federal and state-level debates over regulation. What are the implications of the AI executive order and the federal preemption of state laws? How will policies impact tech giants like Nvidia, especially regarding international trade and semiconductor supply chains? This episode offers a critical look at how policy and technology intersect, shaping the future of AI and robotics in 2026 and beyond. More S&P Global content: Data & Dimensions | Ep. 1 -The Future of XR Hardware at Work and Play Featured experts: Neil Barbour, S&P Global Market Intelligence Kagan analyst Stefan Modrich, tech policy reporter for S&P Global Market Intelligence  Credits: Host/Author: Mike Reynolds Producer/Editor: Sarah James www.spglobal.com www.spglobal.com/market-intelligence