The NFL is taking equity in ESPN. It’s a great deal for Disney, driven by the NFL’s long-term concern about tech dominance.

With Stratechery Plus you get access to the subscriber-only Stratechery Update and Stratechery Interviews, and the Sharp Tech ...

The best Stratechery content from the week of August 4, 2025 including what Nokia can teach us about the AI era, what the NFL wants from ESPN, and how Visa conquered debit cards.

It’s fun — and often accurate — to think of tech companies in pairs. Apple and Microsoft defined the PC market; Microsoft and Intel won it. Google and Meta dominate digital advertising; Apple and ...