Professional Bull Riding (PBR) and VF Corp/Wrangler (VFC), partners for a quarter century, will open the NYSE this morning. Launched in 1992 by 20 rodeo cowboys (each put up $1 million) looking to establish an organization that would oversee bull riding as an individual sport; PBR has made it possible for bull riders to earn a living. Going in to the start of the 25th anniversary season, 34 riders have made over $1 million in career earnings. The silver anniversary season kicks off (no pun intended) tonight at Madison Square Garden (MSG).
Howie Long-Short: Since being acquired by Endeavor in ’15, PBR has increased event attendance 11% (annual audience of 3 million) and television ratings on CBS by 12% (average of 1.3 million viewers/event). Endeavor is privately held, but VF Corp/Wrangler (VFC) is publicly traded. The company, which owns a couple dozen brands including The North Face, Majestic Athletic and Vans (revenue +26% in Q3 ‘17), has seen its share price increase 41% over the last 12 months; with the growth driven by its highly productive DTC business (+17% in Q3 ’17).
Fan Marino: Wondering how PBR scores bull rides? Rules require riders to ride for 8 seconds with one hand in the bull rope and one in the air to earn a score. If the rider makes the 8 second buzzer, he receives a score. If he does not make the 8 second buzzer then he receives no score for that attempt. After each 8 second ride or attempt, PBR judges award scores (up to 100) both to the bulls (up to 50, based on difficulty) and the riders (up to 50, based on control); the combined number becomes the official ride score. The rider with the most points at the event’s conclusion is the winner; the rider who accumulates the most points throughout the season is the PBR World Champion — winning the coveted gold buckle and million-dollar bonus.
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