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Meet the tennis exec in charge of the U.S. Open’s teams earning over $500 million in revenue each year

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For Kirsten Corio, the path to overseeing commercial operations for the United States Tennis Association (USTA) wasn’t exactly linear. In fact, she studied biology before starting her career in sports business.

Now, Corio is the chief commercial officer for the USTA and leads a team responsible for generating over $500 million in revenue annually, including ticket sales, hospitality, global media rights, sponsorships, merchandise and digital strategy.

Corio spoke to Fortune from her office at the USTA Billie Jean King National Tennis Center earlier this week during the U.S. Open and shared her leadership advice, networking tips and more.

The questions and her answers have been edited for length and clarity.

You’ve been the USTA’s chief commercial officer for a little over three years and have been with the USTA for nearly 10 years overall. What does a day look like for you before the U.S. Open and then during the tournament?

In this role, I have the privilege of having oversight of the largest lines of business for the U.S. Open. That’s ticket sales, hospitality, global media rights, sponsorship and merchandise, each of which is supported by phenomenal, experienced teams of people who, in many cases, have been doing this for over 20 years.

In the off season, the 49 weeks that we’re not operating here, we’re really in strategy, ideation, brainstorm and budgeting mode, and then we move the cadence to operations, planning and execution. It’s like if you took an NBA season, and crammed it into three weeks. Whereas their cadence is a little bit more up and down in terms of operating, in our case the cadence is more spread out for the year.

From my perspective, I bounce around throughout those days from business to business to be as helpful and supportive as I can be, and where I can, coach or, as a partner, monitor all the business health metrics to enable us to forecast where we may land from a ticket sales or attendance perspective. We’ve got big budget goals to hit, and we’ve also got enhancements to the fan experience that we want to ensure are made and measured.

We’re hosting business clients and current partners every day and every night, and hosting friends of the business every day and every night as well. That helps us in terms of benchmarking best practices against other sports properties and industries and getting inspiration on how we can elevate our own game.

You brought up the NBA and spent about 14 years working there before joining the USTA. What was that transition like?

I think that adjustment is probably the starkest in terms of the cadence of how the season operates versus the three weeks [at the US Open]. That was a major adjustment. It’s a really stark change from having 70,000 fans and the energy that they bring you every single day for three weeks, to being in an office and it’s quiet, and you’ve got your meeting rooms and you’ve got your scheduled day.

The second thing I’ll say is the department that I spent most of my time at the NBA, the team marketing and business operations group, is focused on identifying, building and spreading best practices across the individual teams. It’s largely a consultative role.

Being able to take what I learned and put it into action and to own the risk of the decisions that you make and to reap the rewards of the decisions that you make [at the USTA] was a big change, but also one that I was really excited for and welcomed.

One thing you mentioned a minute ago that I appreciate is how you coach your team during the tournament. What’s some of the best coaching or leadership you’ve received in your career?

I’ve been privileged to have some of the best mentors in the business, just by happenstance and being in the right place at the right time. I have Stacey Allaster, who’s our CEO of professional tennis and the U.S. Open tournament director, as a tremendous mentor and coach. She believes in lifting up her staff and enabling and empowering them to make decisions and own their success.

She talks a lot about Billie Jean King’s famous quote, “pressure is a privilege,” and reminds us all that when you’re feeling squeezed, or you’re feeling stressed or anxious, that pressure is a privilege on the court extends to the business side.

She is a real advocate for lifting up female leadership, and she’s been a mentor and an inspiration to those of us who may have come up in in an industry where we didn’t see many people who looked like like us around a boardroom. She’s had a brilliant career, and she leads with humility and kindness.

And that’s also true and extends to my other mentor, Lew Sherr [former USTA CEO and chief revenue officer]. The two of them really embody what it means to be an empathetic leader.

At the same time, they demand excellence and challenge me, and those of us around them, to reach higher than we could have ever thought.

You mentioned that you do a lot of networking before and during the tournament. What’s some of your networking advice?

Be open. You never know who you’re going to talk to or who you’re going to meet in a room that may be a future lifelong friend and potential future colleague or teammate or mentor.

Build bridges. Don’t burn them. Those of us who have kept those bridges intact have translated really easily and authentically into lifelong friendships. For me, it’s really those two things: Be open to everyone and build bridges, don’t burn them.

I noticed on your LinkedIn that you studied biology at Boston College. I’d love to hear your path from studying biology to where you are today.

It’s a little bit unorthodox and non-linear, but I tell you, the biomechanics of tennis athleticism really tie back to my fascination with science. I grew up loving science, and I thought I wanted to be a veterinarian for most of my adolescent life, and I really liked biology. I didn’t know exactly what I wanted to do with that degree, but it became apparent for me shortly after graduation that I definitely needed a bit more of a socially vibrant career that would take me to a lot of different places and where I could meet a lot of different people and be in a more entertainment-focused industry.

I wouldn’t say I sought it out. I was lucky to be in the right place at the right time, working at a consulting firm for a software company that was doing business with the NBA in one of the first Customer Relationship Management (CRM) startups, and the NBA was building its first CRM database. And so that was the transition for me. That was the bridge. That was the break from post-college to sports business.

And so it’s funny when young people ask me today, ‘How do you break into the sports business industry? Tell me about your path.’ And I’m not sure mine is a replicable one, but to go back to the lessons of being open and building bridges, good things may follow. You never know. Those lessons served me well, even back then.

Editor’s note: The author has covered tennis for Sports Illustrated, The New York Times, Tennis Magazine and the USTA over a decade ago.



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Netflix’s $5.8 billion breakup fee for Warner among largest ever

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Netflix Inc.’s $72 billion acquisition of Warner Bros. Discovery Inc. includes one of the biggest breakup fees of all time — a $5.8 billion penalty that Netflix has agreed to pay its target if the deal falls apart or fails to win regulatory approval.

At 8% of the deal’s equity value, the fee is well above the average even in big-ticket dealmaking, signaling Netflix executives’ confidence they can convince global antitrust watchdogs to let the transaction go ahead. The average breakup fee in 2024 was equal to about 2.4% of the total transaction value, according to a report from Houlihan Lokey.

Netflix’s multibillion-dollar pledge is also a sign of how heated the bidding war got for control of the iconic Hollywood studio. As part of a sweetened proposal earlier this week, rival suitor Paramount Skydance Corp. had more than doubled the proposed breakup fee in its offer to $5 billion.

Warner Bros., meanwhile, would have to pay a $2.8 billion reverse breakup fee if its shareholders vote down the deal. If Warner Bros. were to accept a rival offer, the new buyer, in effect, would be on the hook for that fee.

Here are some of the biggest breakup fees in M&A history, according to data compiled by Bloomberg:

AOL/Time Warner Inc.

Deal value: $160 billion 

America Online Inc. agreed to pay a fee of about $5.4 billion if it backed out of its agreement to buy Time Warner Inc. Time Warner would pay about $3.9 billion if it broke up the transaction under certain conditions.

Percentage of deal value: 3.4%

Outcome: Completed

Pfizer/Allergan

Deal value: $160 billion

The breakup fee could have been as high as $3.5 billion, but the merger had a contingency that it would be lower if there were changes to tax law. Pfizer ended up paying just $150 million after the US cracked down on corporate tax inversions 

Percentage of deal value: 2.2% (but paid less than 0.1%)

Outcome: Terminated

Verizon/Verizon Wireless

Deal Value: $130 billion

Breakup Fee: This deal for Vodafone’s stake in Verizon Wireless was complicated. Verizon promised to pay a breakup fee to Vodafone of $10 billion if it couldn’t get financing for the deal, or $4.64 billion if its board changed its recommendation to shareholders to vote in favor of the transaction. Meanwhile, Vodafone would have owed $1.55 billion to Verizon if its board changed its mind, and either side would have had to pay $1.55 billion to the other if shareholders turned down the transaction. Vodafone also would have had to pay that $1.55 billion if an unfavorable tax ruling made it too onerous to complete the deal. 

Percentage of deal value: 7.7%

Outcome: Deal completed

AB InBev/SAB Miller

Deal value: $103 billion

Breakup fee: AB InBev agreed to pay a breakup fee of $3 billion if it failed to get approval from regulators or shareholders and instead walked away from what was then the biggest corporate takeover in UK history. 

Percentage of deal value: 2.9% 

Outcome: Completed

AT&T/T-Mobile USA

Deal Value: $39 billion 

Breakup fee: AT&T agreed to pay Deutsche Telekom a $3 billion breakup fee in cash, as well as transferring radio spectrum to T-Mobile and striking a more favorable network-sharing agreement. 

Percentage of deal value: 7.7%

Outcome: Withdrawn after regulatory opposition

Google/Wiz

Deal value: $32 billion

The companies agreed that Google would pay a breakup fee of about $3.2 billion — a huge chunk of the transaction value — if the deal didn’t close.

Percentage of deal value: 10% 

Outcome: Completed



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A Thanksgiving dealmaking sprint helped Netflix win Warner Bros.

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The Netflix Inc. plans that clinched the deal for Warner Bros. Discovery Inc. started to shape up around Thanksgiving. 

deadline was looming: Warner Bros. had asked bidders, which also included Paramount Skydance Corp. and Comcast Corp., to have their latest proposals and contracts in by the Monday after the holiday, following a round about a week earlier. The suitors were told to put their best foot forward.

While most Americans were watching football and feasting on turkey, Netflix executives and advisers hunkered down to finalize a binding offer and a $59 billion bridge loan from banks, one of the biggest of its kind. That gave the streaming company the ammunition to make a mostly cash-and-stock bid that helped it prevail over Comcast and David Ellison’s Paramount, according to people familiar with the matter.

The resulting $72 billion deal, announced Friday, is set to bring about a seismic shift in the entertainment business — if it can survive intense regulatory scrutiny and a potential fight from Paramount. This account of Netflix’s surprise victory in the biggest M&A auction of the year is based on interviews with half a dozen people involved in negotiations. They asked not to be identified because the details are confidential.

The sales process had kicked off with several unsolicited bids from Paramount Skydance, itself a newly formed company after a merger this year orchestrated by Ellison. He’s now the studio’s chief executive officer and controlling shareholder, with backing from his father, Oracle Corp. billionaire Larry Ellison. 

Paramount’s early move gave it a head start in the bidding process weeks before other would-be buyers got access to information. But the post-Thanksgiving deadline for second-round bids became a turning point by giving Netflix time to catch up and assemble the documents it needed, some of the people said. And since the streaming giant was bred in the fast-paced ethos of Silicon Valley, it could move quickly. 

When the binding bids arrived that Monday, Netflix’s offer emerged as superior, the people said.

One issue was the Warner Bros. camp had doubts about how Paramount would pay for the company, which owns sprawling Hollywood studios, the HBO network and a vast film and TV library. Paramount’s offer included financing from Apollo Global Management Inc. and several Middle Eastern funds, and it had conveyed that its bid was fully backstopped by the Ellisons. Still, Warner Bros. executives were privately concerned about the certainty of the financing, people familiar with the matter said.

Representatives for Netflix and Warner Bros. declined to comment.

‘Noble’ vs ‘Prince’

In the weeks leading up to the finale, Warner Bros. advisers set up war rooms at various hotels in midtown Manhattan. A core group holed up at the Loews Regency, which has long been a convening spot for the city’s movers and shakers.

Inside Warner Bros., the situation was known as “Project Sterling.” The company called itself by the code name “Wonder.” The team referred to Netflix as “Noble,” while Paramount was “Prince” and Comcast was “Charm.”

At Netflix, Chief Financial Officer Spencer Neumann served as the point man while corporate development head Devorah Bertucci organized people day-to-day. Chief Legal Officer David Hyman and Spencer Wang, vice president of finance, investor relations and corporate development, also were key architects, with all of them reporting into co-CEOs Ted Sarandos and Greg Peters.

The contours of the deal were shaped in a way befitting of a tech company: mostly over video chat or phone rather than in person. Virtual war rooms were set up. While strategizing or discussing diligence on Zoom, participants would raise virtual hands or make suggestions over chat rather than unmuting and slowing down the meeting. Google Docs were used to review and edit documents together in real time.

Talks heated up this week, with Warner Bros. advisers in continuous dialogue with the bidders and negotiating contract language and value. Comcast said it would merge its NBCUniversal division with Warner Bros. Paramount offered to more than double its proposed breakup fee to $5 billion to sweeten its deal and outshine rivals. 

In the end, Warner Bros. determined Netflix had the best offer and the company was the most flexible on key terms. On Wednesday, Paramount lobbed an aggressively worded letter to Warner Bros. board saying the sales process was “tainted.” It also identified what it saw as regulatory risks in the Netflix proposal, one sign that a winning outcome was slipping away for Paramount. 

Netflix found out Thursday evening New York time that it had won. Executives and advisers were assembled on a video call when they got the official word, sparking a moment of jubilation before everyone snapped into action. By 10:25 p.m., Bloomberg News broke the news that a deal was imminent. 

Even Sarandos made it sound like the ending was a twist on a conference call with investors. “I know some of you are surprised that we’re making this acquisition, and I certainly understand why,” he said. “Over the years, we have been known to be builders, not buyers.”

Regardless of whether Paramount reemerges to try and top the bid, Netflix will have work ahead of it. It has agreed to pay a $5.8 billion breakup fee to Warner Bros. if the transaction fails on regulatory grounds. The company also has to digest its largest acquisition ever.

“It’s going to be a lot of hard work,” co-CEO Peters said on the conference call. “We’re not experts at doing large-scale M&A, but we’ve done a lot of things historically that we didn’t know how to do.”



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‘Its own research shows they encourage addiction’: Highest court in Mass. hears case about Instagram, Facebook effect on kids

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Massachusetts’ highest court heard oral arguments Friday in the state’s lawsuit arguing that Meta designed features on Facebook and Instagram to make them addictive to young users.

The lawsuit, filed in 2024 by Attorney General Andrea Campbell, alleges that Meta did this to make a profit and that its actions affected hundreds of thousands of teenagers in Massachusetts who use the social media platforms.

“We are making claims based only on the tools that Meta has developed because its own research shows they encourage addiction to the platform in a variety of ways,” said State Solicitor David Kravitz, adding that the state’s claim has nothing to do the company’s algorithms or failure to moderate content.

Meta said Friday that it strongly disagrees with the allegations and is “confident the evidence will show our longstanding commitment to supporting young people.” Its attorney, Mark Mosier, argued in court that the lawsuit “would impose liabilities for performing traditional publishing functions” and that its actions are protected by the First Amendment.

“The Commonwealth would have a better chance of getting around the First Amendment if they alleged that the speech was false or fraudulent,” Mosier said. “But when they acknowledge that its truthful that brings it in the heart of the First Amendment.”

Several of the judges, though, seem to more concerned about Meta’s functions such as notifications than the content on its platforms.

“I didn’t understand the claims to be that Meta is relaying false information vis-a-vis the notifications but that it has created an algorithm of incessant notifications … designed so as to feed into the fear of missing out, fomo, that teenagers generally have,” Justice Dalila Wendland said. “That is the basis of the claim.”

Justice Scott Kafker challenged the notion that this was all about a choose to publish certain information by Meta.

“It’s not how to publish but how to attract you to the information,” he said. “It’s about how to attract the eyeballs. It’s indifferent the content, right. It doesn’t care if it’s Thomas Paine’s ‘Common Sense’ or nonsense. It’s totally focused on getting you to look at it.”

Meta is facing federal and state lawsuits claiming it knowingly designed features — such as constant notifications and the ability to scroll endlessly — that addict children.

In 2023, 33 states filed a joint lawsuit against the Menlo Park, California-based tech giant claiming that Meta routinely collects data on children under 13 without their parents’ consent, in violation of federal law. In addition, states including Massachusetts filed their own lawsuits in state courts over addictive features and other harms to children.

Newspaper reports, first by The Wall Street Journal in the fall of 2021, found that the company knew about the harms Instagram can cause teenagers — especially teen girls — when it comes to mental health and body image issues. One internal study cited 13.5% of teen girls saying Instagram makes thoughts of suicide worse and 17% of teen girls saying it makes eating disorders worse.

Critics say Meta hasn’t done enough to address concerns about teen safety and mental health on its platforms. A report from former employee and whistleblower Arturo Bejar and four nonprofit groups this year said Meta has chosen not to take “real steps” to address safety concerns, “opting instead for splashy headlines about new tools for parents and Instagram Teen Accounts for underage users.”

Meta said the report misrepresented its efforts on teen safety.

___

Associated Press reporter Barbara Ortutay in Oakland, California, contributed to this report.



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