Guam News Factor: Warner Bros. Discovery Stock Plummets Amid NBA Rights Deal Turmoil
In a shocking turn of events, Warner Bros. Discovery saw its stock plummet over 9% following news of a potential loss of the NBA rights deal. Comcast’s NBCUniversal has reportedly thrown its hat in the ring with a bid that could see the league moving off Warner Bros.’s TNT network.
NBC is said to be nearing a deal that would see them shelling out an impressive $2.5 billion annually for NBA games, more than double what Warner Bros. Discovery is currently paying. Disney is also reportedly stepping up their payment for the NBA rights renewal, indicating a fierce battle for sports rights among media giants.
On the digital front, Amazon is in talks to secure a streaming rights package through its Prime Video service, highlighting the escalating interest in sports rights among tech giants. These Big Tech deals are inflating the overall costs of sports rights, putting pressure on traditional media giants like Warner Bros. Discovery.
Despite the setbacks, Warner Bros. Discovery is not backing down, announcing a joint venture sports streaming partnership with ESPN and Fox. However, their stock is on track for its lowest close since March 2009, signaling a volatile time for the company.
For the latest earnings reports and analysis on this developing story, readers are encouraged to visit Yahoo Finance for more financial and business news. Stay tuned to Guam News Factor for all the updates on this rapidly evolving situation.
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