If there were ever any uncertainties regarding the streaming future of television, the NBA has effectively eliminated them. Following extensive negotiations for an 11-year media rights agreement commencing in 2025, the NBA revealed last night that it has reached deals with incumbent Disney’s ESPN, already a rights holder, alongside new collaborators NBCUniversal and Amazon. Even more astonishing than the staggering $76bn deal value is what it subtly forecasts for the direction of sports broadcasting.
Several key points emerge from this development. Most notably, the NBA’s new partners boast robust streaming services while still retaining their connections to traditional television networks (ABC/ESPN and NBC) and maintaining an over-the-air broadcast presence.
“Our new global media agreements with Disney, NBCUniversal and Amazon will enhance the availability and reach of NBA games for fans both within the United States and globally,” stated NBA Commissioner Adam Silver.
Interestingly, this reach seemingly excludes long-time partner Warner Bros Discovery’s TNT Sports, which has been affiliated with the NBA for 40 years. The NBA declined their proposal in favor of Amazon’s Prime Video, casting doubt on the future of TNT’s acclaimed Inside the NBA program featuring Charles Barkley and Ernie Johnson.
The NBA’s dismissal of WBD’s offer occurred after the media conglomerate, owning platforms like HBO and CNN, chose to match Amazon’s proposal on Monday, under the assumption that it would bind the NBA contractually.
“We believe they have significantly misconstrued our contractual rights regarding the upcoming 2025-26 season and beyond,” stated WBD. “We will take appropriate action.”
The outcome of this potential legal dispute remains to be seen.
Traditionally, sports have stood as a pillar of linear television. However, with the media paradigm shifting rapidly (Insider Intelligence predicts that by the conclusion of 2027, non-streaming subscribers will constitute less than 35% of the US consumer base), the focus is now on who can provide superior streaming access.
ESPN chairman Jimmy Pitaro affirmed this perspective, asserting in a statement shortly after the agreements were finalized, “As media continues to progress, this innovative agreement marks a significant leap in our efforts to cater to sports enthusiasts, anytime and anywhere, while effectively navigating the global digital transition.”
For observers, the NBA’s course of action isn’t shocking. In multiple press conferences, Silver emphasized the NBA’s dedication to expanding its global fanbase, noting the league’s influx of international talent – the last six NBA MVPs hailed from abroad, including reigning MVP Nikola Jokić – and the complex task of predicting viewership shifts over the next 11 years.
“We are transitioning to premium content consumption via streaming platforms,” he noted. “[Streaming] offers fans a tremendous range of options unavailable through traditional TV.”
Even prior to WBD’s last-minute attempt to match Amazon’s $1.8bn offer just hours before their matching rights deadline, this agreement was turning heads. Despite relatively unimpressive ratings in recent years (the 2023-24 regular season only saw a 1% increase over the previous year) and a past season that some, including Silver, labeled “boring,” the NBA is set to almost triple its revenue, securing nearly $7bn annually from the new deal.
This follows last spring’s prolonged uncertainty, when WBD let its exclusive negotiating window with the NBA close. As the incumbent, they had the contractual ability to match any deal proposed by competitors. Historically, matching rights have been a staple in numerous broadcasting agreements, incentivizing networks to make significant investments to promote and distribute major sports leagues.
“This is not merely content they are purchasing the rights to broadcast for a defined period; this is an entertainment product enriched by their contributions, such as studio teams, game day announcers, and promotional graphics,” said Jodi Balsam, clinical law professor at Brooklyn Law School and a veteran antitrust attorney in the sports and entertainment sectors.
Matching rights serve to protect broadcasters from the risk of losing their established ecosystems when contracts expire. However, in the case of the NBA, matching rights are notably absent in the 2025 agreement, potentially setting a new precedent for both the NBA and other leagues in future negotiations.
Balsam suggested that the NBA may be redefining its relationship with media partners in the light of current conditions. “The nature of the investment they require/expect/demand in the past may no longer be essential or could be incentivized without a matching rights clause,” she stated.
Furthermore, this deal marks a clever and mutually beneficial strategy for Amazon, as streaming services increasingly target live sports to enhance subscriber numbers—viewers frequently sign up for a streaming platform to catch a major event and then often forget to cancel. Recently, Netflix acquired the rights to stream a new series of NFL Christmas Day games and is set to feature a boxing match between Jake Paul and Mike Tyson later this year, potentially attracting record viewership. YouTube now broadcasts the NFL’s lucrative Sunday Ticket, while Apple TV streams MLS exclusively. Amazon already maintains deals with the NFL and WNBA, indicating a clear trend that the NBA is attuned to.
However, the inclusion of streaming platforms in these negotiations brings potential legal challenges related to antitrust issues. In 1961, Congress enacted legislation effectively exempting the four major sports leagues (NFL, MLB, NBA, and NHL) from standard antitrust litigation during negotiations, allowing them to bundle TV rights for collective sale. Importantly, this exemption applied solely to free over-the-air broadcasts at that time.
“As more sports leagues, including the NBA, contemplate selling rights collectively—not to syndicated sports stations but to cable and now [streaming] platforms—there is a compelling case that this conduct is no longer entitled to antitrust protection and could face scrutiny,” noted Marc Edelman, law professor at Baruch College, Zicklin School of Business.
This is a vital aspect of the recent NFL Sunday Ticket litigation, which resulted in the NFL being ordered to pay nearly $5bn in damages for collusion with DirecTV to artificially inflate prices and suppress competition.
“If leagues aren’t wary following the NFL Sunday Ticket case, they should be,” warned Helen Drew, sports law practice professor at the University at Buffalo. “Whenever rights are confined to a single provider or an exclusive group, particularly over an extended term, concerns of antitrust liability inevitably arise.”
Nevertheless, this is a risk the NBA appears prepared to embrace. As the second most-watched league in the US after the NFL, the new rights holders will undoubtedly be banking on continued growth while striving to solidify their position as the central hub for basketball coverage.
Furthermore, viewership ratings are not the sole consideration. A crucial element of the agreement is the access to data. Amazon can gather viewer analytics in ways that traditional broadcasters cannot replicate.
For instance, conventional TV networks could grasp a rough idea of viewership demographics: for example, 500,000 people viewed a game in New York City. In contrast, Amazon’s extensive data collection—spanning game broadcasts, Kindle usage, and Ring Doorbells—allows for a detailed profile of an individual. For example, it can discern that 21-year-olds in New York spend an average of 23 minutes watching games featuring Stephen Curry and have a propensity to purchase Nike products over Adidas. The NBA could leverage this data to work with partners or utilize it for targeted advertising. This replicates the strategy employed by the NFL, which moved its Sunday Ticket package from DirecTV to YouTube TV last year, facilitating more precise viewer analytics via Google. Amazon is poised to offer the NBA a comparable service, which could underpin any legal argument that WBD’s proposal was not a ‘true’ match. Although WBD could match the financial terms, they lack the data insights that Amazon provides.
Additionally, the NBA’s new media allies will gain access to the ever-growing WNBA. The fresh agreement will see over $200 million allocated annually to the women’s league, increasing its share of the NBA’s budget from 1% to 3%. The WNBA is also expected to receive additional income from local television rights. Although this sum is small compared to the monumental figures generated by the NBA, it marks a substantial change: while Caitlin Clark, the league’s top rookie, will net $338,000 over the next four years, Victor Wembanyama, the NBA rookie of the year, is set to earn $55 million from his first contract. This new deal is anticipated to elevate WNBA player salaries, while rendering uplift for NBA salaries as well.
In 2020, as the WNBA finalized its collective bargaining agreement, discussions were based on predictions of a doubling of television revenues for women’s basketball. “The $200 million per year represents not just a 100% rise, but a 500% increase over the valuation of their television revenues in the prior collective bargaining agreement,” said Balsam.
Before the agreement was finalized, some advocated for a higher payout, citing the rising popularity of the WNBA, fueled by star rookies Clark and Angel Reese. “Both the NBA and WNBA must recognize that in recent years, we’ve seen unprecedented growth across all metrics; players continue showing their commitment to enhancing the brand, and fans are consistently supporting. There’s no justification for undervaluing the WNBA again,” remarked WNBPA executive director Terri Jackson in a statement to the Washington Post.
The lingering question remains: who are the casualties in this substantial financial outlay? NBC, which held NBA rights during the glory days of Michael Jordan, Magic Johnson, and Larry Bird, will finally re-enter the arena after a 22-year hiatus, alternating between broadcast and its streaming-only platform, Peacock. However, as NBCUniversal now commits $2.6 billion annually for basketball, alongside $2 billion yearly for NFL rights and $7.75 billion through 2032 for the Olympics, among numerous other sports commitments, some sacrifices might have to be made. For the moment, the NBA sits confidently in the driver’s seat.
“[Basketball] attracts a broad, diverse, and youthful audience that is culturally significant and further enhances NBCUniversal’s remarkable reach across broadcast and streaming,” stated Michael Cavanagh, president of NBC’s parent company, Comcast Corporation, during an earnings call earlier this week.
Unsurprisingly, Silver concurs that the NBA has much to offer and has already hinted that following the completion of these media arrangements, the league will be exploring expansion opportunities.
“We’re witnessing basketball’s continuous global ascent and significant growth. A large portion of my focus is committed to promoting the game globally,” Silver noted prior to the deal’s finalization. “While economics were a factor, we also aimed to identify the best strategies for serving our fans in the future.”
