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WBD Equity Jumps On Reports Of Smaller NBA Deal Negotiations

COMMUNICATIONS

Rating: Baa3/BBB-/BBB-

  • WBD equity jumped over 4% into positive territory on the report before paring some of the move though USD spreads didn’t move much.
  • Background: https://marketnews.com/wsj-reports-indicate-warner-bros-set-to-lose-nba-contract-credit-negative
  • Front Office Sports sources last night reported that WBD is negotiating a smaller NBA media-rights package, including some regular-season and playoff games.
  • Another alternative scenario mentioned is to carve out a package of locally televised games and allow TNT to broadcast them nationally.
  • Deal could potentially hit a sweet spot for WBD (i.e. a cheaper commitment while retaining some, albeit reduced, access to the NBA’s advertising revenue streams).
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