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Warner Bros. Discovery Inc (NASDAQ:WBD) Chief Executive David Zaslav reportedly affirmed the company’s readiness to match rival offers for NBA packages, aiming to retain the league on TNT cable network and Max streaming service.
Zaslav, addressing analysts, expressed confidence in ongoing talks with the NBA, aiming for a mutually beneficial agreement, reported the Wall Street Journal.
Also See: Warner Bros. Discovery’s Q1 Revenue Drops as Audience and Market Challenges Persist
Comcast Corp’s (NASDAQ:CMCSA) NBCUniversal and Amazon.com Inc’s (NASDAQ:AMZN) Prime Video are competing aggressively for NBA rights, posing a challenge to Warner’s TNT, a longstanding carrier of NBA games.
If successful, TNT anticipates a substantial increase in rights fees, facing stiff competition from NBCUniversal and Amazon. The report further noted Amazon Prime Video is in advanced discussions for a new package of NBA games, while Walt Disney Co’s (NYSE:DIS) ESPN is nearing a deal to maintain NBA coverage on its cable and broadcast networks.
Both Disney and Warner are set to pay higher fees for fewer games as the NBA reallocates games to a new streaming partner.
For Warner, securing NBA rights presents financial challenges, potentially necessitating cost-cutting measures elsewhere in its media empire, which includes Warner Bros. TV and movie studios, Max streaming service, and cable networks HBO and CNN, per the report.
Although losing the NBA could impact TNT’s subscriber fees, Warner remains confident in the appeal of its sports lineup, which includes NCAA March Madness, NHL, and Nascar.
Price Action: WBD shares are trading higher by 1.86% at $7.94 at last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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