__Now batting, for the New York Yankees...__ Jeff Bezos. In one of the final chapters of the Disney-acquires-Fox saga, __[Disney](https://robinhood.com/stocks/DIS)__ officially [sold](https://www.geekwire.com/2019/amazon-joins-ownership-group-yes-network-tech-giant-moves-sports-media/) the YES Network Thursday to the NY Yankees, Sinclair Broadcast Group, __[Amazon](https://robinhood.com/stocks/AMZN)__, and some other investors. Here's what they're buying:

- YES is __the TV channel__ with rights to broadcast the Yankees, Brooklyn Nets, NY Liberty, and NYC FC teams.
- And __it's worth $3.7B__ because New York sports have global appeal despite local frustration.

__This Disney & Fox deal goes way back to 2017...__ That's when Mickey started a bidding war against Comcast to acquire 21st Century Fox, which included X-Men, Fantastic Four, The Simpsons, Avatar, 22 regional sports networks, and the YES Network. The Justice Department allowed the merger on 1 big condition:

- __The requirement:__ Disney can add all those big names, but only if it [sells](https://www.justice.gov/opa/pr/walt-disney-company-required-divest-twenty-two-regional-sports-networks-order-complete) the sports channels and YES — otherwise it would have too much media power.
- *__Sports translation:__ LeBron and Kobe can be on the same team, but only if they trade away Steph to another one.*

_When Amazon buys a sports channel_

Bundled

__Amazon's now the proud 15% owner of YES Network...__ It hasn't said what it will do with that — But we're all hoping for the Yankees to be a #PrimePerk. Amazon Prime Video has already done deals with the NFL's Thursday Night Football and the Premier League. CEO Bezos won't offer up details yet, but it's already generating HQ2-style speculation.

Disney sells YES Network to the Yankees, Sinclair, and *Amazon*

__Because you need that fall transitional cropped sweater ASAP...__ "fast fashion" became a thing: it's the art of catching new trends and pumping out styles quick with efficient supply chains — and the big 3 have been __H&M__, __Zara__, and __Forever 21__. Now Forever 21 and its satin belted 800 stores are [reportedly](https://www.cnn.com/2019/08/29/business/forever-21-bankruptcy-trnd/index.html) filing for bankruptcy.

__Travel back to 1984...__ Mock turtlenecks were in and a South Korean immigrant couple with $11K founded a store in LA committed to chambray, bomber jackets, and anything that had staying potential (fyi, Forever 21 is still private — you can't buy the stock). That fast fashion trend it rode hit a peak this decade, but now the leaders are feeling pains. Fast.

- __H&M__ lost half its market value in just the last 5 years — and it's stuck with $4.3B in unsold clothes, some of which [it burns](https://www.nytimes.com/2018/03/27/business/hm-clothes-stock-sales.html) to get rid of.
- __Zara__ just [missed](https://fortune.com/2019/08/11/hm-zara-store-closing/) full-year earnings expectations.
- *Fast fashion has now faced the f-word: "Fad" — it's become one.*

Strut

__Fast Fashion's losing to its opposite...__ *sustainable fashion*. Sure, Forever 21 is also dependent on physical stores and malls that are struggling — but overall, the *used* fashion industry is now suddenly expected to [pass](https://www.cnbc.com/2019/03/19/fashion-retailers-under-threat-from-24-billion-second-hand-market.html) the *fast* fashion one within a decade. Here's who's out-dressing fast fashion:

- __Rent the Runway__ literally rents you daily clothes now (not just fancy wedding weekend gowns).
- __[Urban Outfitters](https://robinhood.com/stocks/urbn)__ launched its own rental copycat look.
- __[Stitch Fix](https://robinhood.com/stocks/sfix)__ sends monthly boxes and uses AI to better tell what you'll actually like (and not waste).
- __[TheRealReal](https://robinhood.com/stocks/real)__ IPO'd this year committed to reusing and reselling that authentic Gucci getup so it doesn't end up in a landfill.

Forever 21 may declare bankruptcy — and the end of fast fashion

__Free bread's not enough...__ The CFO of __Panera__ told [CNBC](https://www.cnbc.com/2019/08/29/fast-food-restaurants-in-america-are-losing-100percent-of-workers-every-year.html) that he's suffering through 100% employee turnover every year. With [100K](https://www.businessinsider.com/panera-bread-employees-facts-2018-7) employees, this stat means the carbo-loaded chain needs to hire 100K people every year because about 100K quit every year. Let that sink in. And get this:

- The __"turnover rate"__ is even higher in the rest of fast food — up to 150%.
- That means __more than 1 person quits__ from the same position each year, and the company just has to keep on rehiring.

__Different industry, same problem...__ To keep employees from leaving, __[Citigroup](https://robinhood.com/stocks/C)__ just increased its minimum wage to $15/hour, finally catching up with __[Wells Fargo](https://robinhood.com/stocks/WFC)__ ($15/hour), but still trailing __[JP Morgan](https://robinhood.com/stocks/JPM)__ ($15-18) and __[Bank of America](https://robinhood.com/stocks/BAC)__ ($20). 

- High turnover is driven by __our ridiculously low unemployment rate (3.7%)__ that puts workers in high demand, more able to switch jobs and make more money.
- The response is to __do nothing or pay more__ to preempt a cook from bouncing to Chipotle for an extra buck or two an hour.

__Companies can *save* money by paying workers more...__ To replace a Panera employee, it has to hire (+ paperwork/interviews), train (that takes time), and wait until the worker is actually good (many mis-flipped eggs later). Paying more could prevent those costs by keeping workers around. But wages are still [not growing fast](https://www.nytimes.com/2019/05/02/business/economy/wage-growth-economy.html) on average, forcing some states to push minimum wage increases.

Disney sells YES Network to the Yankees, Sinclair, and Amazon

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