UPDATE 1-Warner Bros Discovery sues NBA over bid for broadcast rights

Reuters07-27

(Adds more detail from the lawsuit)

July 26 (Reuters) - Warner Bros Discovery and its sports division, Turner Broadcasting System, filed a lawsuit on Friday against the National Basketball Association in New York over the league's rejection of its matching bid for media rights.

The media company accused the NBA of breaching its agreement in refusing to honor its right to match offers from a third party.

"We strongly believe this is not just our contractual right, but also in the best interest of fans who want to keep watching our industry-leading NBA content," TNT Sports said in a statement.

The NBA could not immediately be reached for comment.

The NBA announced on Wednesday that it had awarded Walt Disney's ESPN, Comcast-owned NBCUniversal and Amazon.com rights to carry National Basketball Association games in an 11-year deal valued at $77 billion.

The NBA rejected a last-minute offer from TNT Sports, which it said fell short of Amazon's proposal, ending a four-decade relationship with the media company after next season.

(Reporting by Harshita Mary Varghese and Dawn Chmielewski in Los Angeles; Editing by Shilpi Majumdar, Kirsten Donovan)

((HarshitaMary.Varghese@thomsonreuters.com;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2454796373?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-07-27 01:25","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2454796373","market":"us","top_or_hot":-1,"title":"UPDATE 1-Warner Bros Discovery sues NBA over bid for broadcast rights","media":"Reuters","content":"<html><body><p>(Adds more detail from the lawsuit)</p><p>      July 26 (Reuters) - Warner Bros Discovery    and its sports division, Turner Broadcasting System, filed a lawsuit on Friday against the National Basketball Association in New York over the league's rejection of its matching bid for media rights.</p><p>   The media company accused the NBA of breaching its agreement in refusing to honor its right to match offers from a third party.  </p><p>   \"We strongly believe this is not just our contractual right, but also in the best interest of fans who want to keep watching our industry-leading NBA content,\" TNT Sports said in a statement.</p><p>   The NBA could not immediately be reached for comment.</p><p>   The NBA announced on Wednesday that it had awarded Walt Disney's    ESPN, Comcast-owned    NBCUniversal and Amazon.com    rights to carry National Basketball Association games in an 11-year deal valued at $77 billion.</p><p>   The NBA rejected a last-minute offer from TNT Sports, which it said fell short of Amazon's proposal, ending a four-decade relationship with the media company after next season.</p><p> (Reporting by Harshita Mary Varghese and Dawn Chmielewski in Los Angeles; Editing by Shilpi Majumdar, Kirsten Donovan)</p><p>((HarshitaMary.Varghese@thomsonreuters.com;))</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UPDATE 1-Warner Bros Discovery sues NBA over bid for broadcast rights</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUPDATE 1-Warner Bros Discovery sues NBA over bid for broadcast rights\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-07-27 01:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Adds more detail from the lawsuit)      July 26 (Reuters) - Warner Bros Discovery    and its sports division, Turner Broadcasting System, filed a lawsuit on Friday against the National Basketball ...</p>\n\n<a href=\"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00B19Z8X17.USD","symbol_name":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","start_time":0,"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","article_id":"2454796373","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2454796373","pubTimestamp":1722014755,"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"(Adds more detail from the lawsuit)      July 26 (Reuters) - Warner Bros Discovery    and its sports division, Turner Broadcasting System, filed a lawsuit on Friday against the National Basketball Ass","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","IE00B19Z9Z06.USD":"Legg Mason ClearBridge - US Aggressive Growth A Acc USD","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU1150488218.USD":"First Eagle Amundi Income Builder AU2-MD USD","LU1489326972.SGD":"First Eagle Amundi International AHS-MD SGD-H","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","BK4524":"宅经济概念","BK4527":"明星科技股","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU1059921491.USD":"NORDEA 1 GLOBAL STABLE EQUITY \"HB\" (USDHDG) ACC","BK4588":"碎股","BK4579":"人工智能","LU1150488135.SGD":"First Eagle Amundi Income Builder AHS-MD SGD-H","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","DIS":"迪士尼","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","BK4503":"景林资产持仓","CMCSA":"康卡斯特","BK4551":"寇图资本持仓","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","BK4561":"索罗斯持仓","BK4581":"高盛持仓","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","IE00B894F039.SGD":"Legg Mason ClearBridge - US Aggressive Growth A Acc SGD-H","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU0072462426.USD":"贝莱德全球配置 A2","AMZN":"亚马逊","LU0080751232.USD":"富达环球多元动力基金A","LU0056508442.USD":"贝莱德世界科技基金A2","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","BK4592":"伊斯兰概念","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4507":"流媒体概念","BK4585":"ETF&股票定投概念","WBD":"Warner Bros. Discovery","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC"},"translate_title":"更新1-华纳兄弟探索频道因竞购转播权而起诉NBA","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"WBD":0.9,"DIS":0.7,"AMZN":0.7,"CMCSA":0.62},"content_text":"(Adds more detail from the lawsuit)      July 26 (Reuters) - Warner Bros Discovery    and its sports division, Turner Broadcasting System, filed a lawsuit on Friday against the National Basketball Association in New York over the league's rejection of its matching bid for media rights.   The media company accused the NBA of breaching its agreement in refusing to honor its right to match offers from a third party.     \"We strongly believe this is not just our contractual right, but also in the best interest of fans who want to keep watching our industry-leading NBA content,\" TNT Sports said in a statement.   The NBA could not immediately be reached for comment.   The NBA announced on Wednesday that it had awarded Walt Disney's    ESPN, Comcast-owned    NBCUniversal and Amazon.com    rights to carry National Basketball Association games in an 11-year deal valued at $77 billion.   The NBA rejected a last-minute offer from TNT Sports, which it said fell short of Amazon's proposal, ending a four-decade relationship with the media company after next season. (Reporting by Harshita Mary Varghese and Dawn Chmielewski in Los Angeles; Editing by Shilpi Majumdar, Kirsten Donovan)((HarshitaMary.Varghese@thomsonreuters.com;))","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"Company Corporation","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.26.3","shortVersion":"4.26.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2454796373"}