Business News

CCTV Script 03/07/18

— This is the script of CNBC's news report for China's CCTV on July 3, 2018, Tuesday.

James has agreed to a four-year, $154 million deal with the NBA Lakers, and he has a player option for the fourth year.  That means James has the choice to opt in and stay or give up it to be a freelance player in the 4th year. People who are interested in basketball must be familiar with this NBA celebrity.

LeBron James has got four time NBA MVP, three time NBA finals MVP, fourteen times NBA All Star and two times Olympic gold medalist. Thus, when his contract with Cleveland Cavaliers expired, the outside pays close attention on his next plan, because James will undoubtedly boost the strength of the entire team.

And that has already reflected in market economy, for example, Lakers season ticket increased more than $2000 within 20 minutes with James announcing that he has reached an oral agreement with Lakers. Generally, Lakers season ticket is $3500 at least, however, in the 20 minutes that the news was published; this lowest price soared to $5800. And after few hours, Lakers season ticket even jumped above $6000.

Meanwhile, James’ decision also helps drive sales for Lakers jersey. According to the jersey retailer Fanatics, after James announced his decision to change another team, the pre-sales in the Lakers' jerseys set a record for the top ten sales of NBA merchandise in the company's history. In addition, the enthusiasm and expectation of fans also reflect on sports gambling. After the announcement, the Lakers have risen to the second place in the betting of the next season's NBA championship on the US Gaming website.

Those hints indicating that the market holds expectation to Lakers performance after James join it. However, some people may be curious that for James this kind of heavyweight player, he has a lot of options, but why has he chosen Lakers in the end? First of all, the money, because of the NBA’s salary structure, James’ starting salary has reached the highest value set by each team. That means, in terms of salary, no team can provide a higher amount. Therefore, under the same salary conditions, James chose to move to the west. In addition to having expressed his consideration about family, going to Los Angeles to expand the commercial landscape of the media industry may be another consideration for this star.

In addition to numerous sponsorship contracts, James has been making different attempts in business in recent years. Among them, he is a shareholder of the Premier League Liverpool Club, established his own brokerage firm, and established the film production and digital media company Uninterrupted in 2016, which has attracted $15.8 million from Time Warner Brothers.

In the NBA season, James led the Cavaliers into the finals for the fourth consecutive year. But after the Warriors wins the championship, the 33-year-old James will open his new chapter in the West, and what new breakthroughs will be made on the basketball court and on the commercial map. We will wait and see.