The NHL has reportedly approached ESPN and TNT Sports about media rights renewals; Paramount has updated aspects of its hostile tender offer for Warner Bros. Discovery; and in-market streaming of Los Angeles Angels broadcasts will take place through the MLB DTC platform. Plus news on ESPN, Netflix, CBS-UFC and Fubo.

NHL has reportedly approached ESPN, TNT Sports on media rights renewals

NHL commissioner Gary Bettman is said to have approached ESPN and TNT Sports about expediting their media rights negotiations, according to John Ourand of Puck Tuesday night. Ourand, who reported the same about the PGA Tour, wrote that the networks do not appear poised to negotiate new deals “until they know how much the NFL will ask for.” The NFL currently receives a reported sum of more than $11 billion annually for its media rights.

The NHL’s U.S. media rights deals, which are reportedly worth a combined $625 million, are not due to expire until after the 2028 season. But with the NFL widely expected to move up its media rights negotiations, leagues are reportedly looking to rush to the negotiating table while the networks still have money to spend.

TNT Sports lost its domestic NBA media rights package last year, but has in recent years acquired French Open tennis, NASCAR and — via sublicense — College Football Playoff games, among other properties. ESPN has committed billions in new rights and renewals since reacquiring NHL rights in March 2021 after a 17-year hiatus.

The NHL last year signed a 12-year media rights extension with Rogers Communications in Canada worth $11 billion CDN, but it does not begin until the 2026-27 season. Between the United States and Canada, the league will bring in reported media revenue of more than $1.2 billion USD per year for the two seasons those deals overlap.

Paramount updates aspects of hostile tender offer for WBD

Paramount on Tuesday updated its hostile tender offer for all of Warner Bros. Discovery to cover the $2.8 billion termination fee WBD would need to pay to get out of its commitment with Netflix, and add a $0.25/share “ticking fee” to WBD shareholders for every quarter the deal is not closed. The latter equates to approximately $650 million in cash value that would be distributed among WBD shareholders per quarter. Paramount again expressed confidence in quickly receiving the necessary regulatory approvals for the proposed transaction, which the company first initiated with a series of unsolicited bids starting last fall.

Paramount had previously sweetened its deal by raising the reverse termination fee to $5.8 billion, which is equivalent to the Netflix figure. Either of these suitors would need to compensate WBD with this fee if their pact does not receive regulatory approval. In its “enhanced” tender offer, Paramount claimed it would “fully reimburse” WBD for the potential $1.5 billion cost affiliated with not completing debt refinancing. The company said this payment would not reduce the reverse termination fee.

Paramount, which extended the expiration date for its offer by 10 days to March 2, has secured $43.6 billion in equity commitments coming from both the Ellison family and RedBird Capital Partners, including an “irrevocable personal guarantee” from Larry Ellison. Paramount also has $54 billion in debt commitments from Apollo, Bank of America and Citigroup. Moreover, Paramount said its financing sources would extend the maturity on a $15 billion bridge loan or that the company would “permit WBD to structure permanent financing in any way it chooses so long as the debt is redeemable at a commercially reasonable cost.”

Paramount has continued to argue that its bid is “superior” to the Netflix agreement, claiming the latter is operating off a sliding scale based on the amount of debt to be carried by Discovery Global. WBD disclosed that Discovery Global would carry $17 billion of debt “as of June 30, 2026” with a goal to reduce that number to $16.1 billion by year’s end. Since WBD is able to determine the amount of debt Discovery will hold prior to pro rata common stock distribution, a “debt adjustment mechanism” in the Netflix deal could potentially reduce its value. WBD confirmed receipt of Paramount’s offer, which its board will review.

Angels in-market streaming to be distributed by MLB

The Los Angeles Angels on Tuesday joined the list of 21 Major League Baseball teams whose games will be distributed digitally via the league’s in-house direct-to-consumer platform, but it remains to be seen whether the team’s games will be produced by the league. The Angels are co-owners of the FanDuel Sports Network West RSN and are “contemplating buying out Main Street to launch their own network,” per a report by Mike Mazzeo of Sports Business Journal. Mazzeo cited sources who explained that the team has not ruled out launching a linear network this season or in the future, which could also include Los Angeles Kings NHL games.

While the majority of teams are working with MLB on the distribution of their games, not all of them are utilizing the league for production. At the moment, MLB is slated to produce live game broadcasts for the five teams it worked with last season (Diamondbacks, Guardians, Rockies, Twins, Padres) in addition to eight teams previously part of the Main Street Sports Group portfolio (Reds, Tigers, Royals, Marlins, Brewers, Cardinals, Rays, Nationals). The Seattle Mariners organization is also working with the league on production and distribution of local games after shutting down ROOT Sports Northwest last year.

For the 14 teams whose games are being both produced and distributed by MLB, the in-market streaming price is $20/month and $100 for the season. While the Angels have not announced their production arrangements for the upcoming season, the pricing is the same. MLB is also distributing local games televised on RSNs for six teams this season as well (Athletics, Orioles, Dodgers, Mets, Phillies, Giants). The pricing for these packages differs by market, and some of the solutions also include access to other programming from the applicable RSN.

MLB commissioner Rob Manfred has discussed eventually taking control of local rights, which could potentially allow for the creation of a national package to sell for the 2029 season and beyond. ESPN currently holds rights for local broadcasts to be produced and distributed by MLB, although those games are not expected to be available on the ESPN App next season. “We are proud of the award-winning production MLB has offered clubs while increasing the reach of the games, enhancing production features, and offering greater access to the players and game,” Noah Garden, deputy commissioner of business and media for MLB, said in a statement. “Additionally, we are listening to our fans who want blackouts eliminated. MLB’s in-market streaming option allows us to remove a point of friction for the fans.”

Plus: ESPN, Netflix, CBS-UFC, Fubo

ESPN revealed that “The Pat McAfee Show” started a scheduled two-week break on Tuesday and will make its return to the airwaves on Wednesday, Feb. 25. The “Rich Eisen Show,” which typically airs on the ESPN App and Disney+, will air instead during the network’s Noon-2 PM ET timeslot.
Netflix has “around 86 million” subscribers in North America, its CEO Ted Sarandos revealed during a U.S. Senate Judiciary hearing last week about its $83 billion merger with Warner Bros. Discovery. The disclosure comes a few weeks after the streamer reported having a total of 325 million global paid subscribers at the end of last year. Bruce Campbell, chief revenue and strategy officer of WBD, said at the hearing that HBO Max has “roughly 50 million” subscribers in the U.S. but that 80% of such users are Netflix subscribers as well.
CBS will present a two-hour simulcast of UFC 326 in prime time this Saturday from T-Mobile Arena in Las Vegas, Nev., marking the first time the MMA property will air on the broadcast network. The simulcast, which airs live from 8 to 10 PM ET, is going to feature the final hour of preliminary fights and the start of the main card, while the entire slate of events streams live on Paramount+.
The Fubo Sports Network FAST channel launched on Disney-owned Hulu + Live TV on Tuesday within the “Core” subscription, granting viewers access to live sports broadcasts and documentaries. This addition occurs a few months after the merger between Fubo and Hulu + Live TV officially closed, combining their businesses while keeping the two streaming platforms distinct.