The March Madness Tournament’s first round begins today, a possible chance for the media focused exchange traded fund (ETF) to dribble in some earnings.
PowerShares Dynamic Leisure and Entertainment (PEJ) holds 4.89% in CBS (CBS), the leading television network to air these games on mainstream media. CBS is also a major component of the PowerShares Dynamic Media (PBS), with 5% of its holdings. The funds sure could use a jump shot after taking a hit during the writer’s strike.
This will be the second year straight that New York, home to basketball legends, will be left out of the competition, and out of all bets. Erik Matuszewski for Bloomberg says the nation’s largest media market is once again underrepresented as the first round begins. Before last season, it was 33 years since New York metro schools had been left out of the games, swaying from their history of top-10 college teams.
Nonetheless, there will be talent galore and plenty of suspense for those of you invested in these games. Bryan Armen Graham for Sports Illustrated, maker of the lists of lists, has a primer of key talking points. The first is here, the five most likely first round upsets:
• No. 12 Western Kentucky def. No. 5 Drake: Overlooked middleweight stuns media darling in surprisingly easy result.
• No. 11 Kansas State def. No. 6 USC: B-Easy goes Harold Arceneaux on the Trojans as underseeded ‘Cats shut down the Mayo Clinic for good.