A week after Substack allowed users to share short-form content, Twitter is now allowing users to offer longer-form subscription content. I am getting major Blockbuster versus Netflix vibes from the battle between these two companies right now. I think we are at the part where Blockbuster, after balking at the idea of paying $50 million for Netflix (now worth $150 billion), launches its own terrible streaming service. Next is the bit where Twitter (Blockbuster) fires all of its staff… oh wait.

The lowdown

• 🪶 Twitter now allows users to offer subscription content in latest monetization push.

• 🏦 UK Government will 'look at' deposit guarantees in wake of SVB collapse.

• 🎈 IMF says that banking issues appear to be contained and inflation is the bigger threat.

Featured stories

Washington Commanders to be sold for $6 billion

PE billionaire Josh Harris is nearing a deal to purchase the Washington Commanders for $6 billion. If the deal goes through, it will make the Commanders the most expensive sports team ever sold. The sale is still subject to approval by the NFL.

Interestingly, Jeff Bezos and Jay-Z had previously explored a bid ($) for the Commanders, indicating the high level of interest in owning a major sports team.

The rising valuations of sports teams can be somewhat attributed to the increasing revenues for media rights and the NFL is arguably the largest media franchise of all time with 2022 revenue in the region of $18 billion. I say arguably as, according to this list, the largest media franchise is Pokémon. Whichever view you subscribe to, the throwing of balls is clearly big business.

The content we're consuming today

• The Economist: Welcome to a new era of petrodollar power ($).

• FT: Financial engineering by tech dinosaurs pays off ($).

• The Verge: Is Substack Notes a ‘Twitter clone’? We asked CEO Chris Best.

Off-balance sheet items

• Don't miss the profile of Rupert Murdoch in Vanity Fair. The article delves into various aspects of his life, such as his divorce from Jerry Hall, which included a settlement prohibiting her from providing storylines to Succession's writers.

The bottom line