Nike (NKE) has announced an extension of its partnerships with the National Basketball Association (NBA) and the Women's National Basketball Association (WNBA), committing to another 12 seasons as the leagues' official apparel provider. This move follows Elliot Hill's takeover as CEO last week — a key development in the company's turnaround efforts.

Yahoo Finance Senior Reporter Brooke DiPalma details the importance of these partnerships, discussing how they will help support Nike's position in the athletic apparel market.

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This post was written by Angel Smith