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PITTSBURGH - DICK’S Sporting Goods (NYSE:DKS) launched Cookie Jar & A Dream Studios, a new in-house content and production studio focused on sports storytelling, the company announced Thursday.
The studio aims to create content highlighting athletes’ journeys through documentaries and other formats. The company, which has maintained dividend payments for 15 consecutive years and currently offers a 2.24% yield, has already established credentials in sports filmmaking, having won two Sports Emmy Awards - one for "We Could Be King" in 2014 and another for "The Turnaround," a documentary about Philadelphia Phillies’ fan Jon McCann.
"DICK’S believes that sports have the power to change lives," said Mark Rooks, VP of Creative, Entertainment & Sponsorships at DICK’S Sporting Goods, in the press release.
The studio’s name references the company’s origin story, when founder Dick Stack borrowed $300 from his grandmother’s cookie jar savings to open a bait-and-tackle shop in 1948.
The announcement coincides with the premiere of "Big Dreams: The Little League World Series 2024," a documentary produced in partnership with Imagine Entertainment and MLB Studios. The film will air on ESPN on August 12.
Over the past decade, DICK’S has produced five feature-length films and ten short-form or episodic documentaries, according to the company statement.
DICK’S Sporting Goods operates more than 850 stores across its various retail brands and is headquartered in Pittsburgh. The company generates $13.6 billion in annual revenue and trades at a P/E ratio of 15. For detailed financial analysis and additional insights, including 8 more exclusive ProTips, visit InvestingPro.
In other recent news, Dick’s Sporting Goods has been actively working on its planned acquisition of Foot Locker. The company announced it has withdrawn its pre-merger notification to allow the Federal Trade Commission additional time for review and plans to refile shortly. This move is considered standard procedure and aims to ensure thorough regulatory assessment. In terms of earnings and market positioning, UBS has reiterated its Buy rating for Dick’s Sporting Goods, setting a price target of $225, citing market share expansion opportunities. According to UBS, Dick’s holds about 5% of the sporting goods market, with Foot Locker at 2%. Meanwhile, Loop Capital has increased its price target for the company from $180 to $215, following discussions with a former Foot Locker executive. Additionally, Dick’s Sporting Goods has extended its partnership with the Women’s National Basketball Association through 2028, maintaining its role as the Official Sporting Goods Retailer. These developments highlight strategic moves by Dick’s Sporting Goods in both market expansion and brand partnerships.
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