Warner Bros. Discovery sues NBA over 'unjustified rejection' of matching media rights bid

Yahoo Finance07-27

Warner Bros. Discovery (WBD) filed a lawsuit against the National Basketball Association (NBA) on Friday over what they said was the league's "unjustified rejection" of the company's matching rights ...

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Discovery (WBD) filed a lawsuit against the National Basketball Association (NBA) on Friday over what they said was the league's \"unjustified rejection\" of the company's matching rights ...</p>\n\n<a href=\"https://finance.yahoo.com/news/warner-bros-discovery-sues-nba-over-unjustified-rejection-of-matching-media-rights-bid-185134137.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","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>Warner Bros. Discovery sues NBA over 'unjustified rejection' of matching media rights bid</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\">\nWarner Bros. Discovery sues NBA over 'unjustified rejection' of matching media rights bid\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-07-27 02:51 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/warner-bros-discovery-sues-nba-over-unjustified-rejection-of-matching-media-rights-bid-185134137.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Warner Bros. Discovery (WBD) filed a lawsuit against the National Basketball Association (NBA) on Friday over what they said was the league's \"unjustified rejection\" of the company's matching rights ...</p>\n\n<a href=\"https://finance.yahoo.com/news/warner-bros-discovery-sues-nba-over-unjustified-rejection-of-matching-media-rights-bid-185134137.html\">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":"LU1894683264.USD","symbol_name":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) ACC","start_time":0,"source_url":"https://finance.yahoo.com/news/warner-bros-discovery-sues-nba-over-unjustified-rejection-of-matching-media-rights-bid-185134137.html","article_id":"2454917371","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/_Mtmp5O1mxyGFerGldMJvg--~B/aD0zNjEzO3c9NTUwMDthcHBpZD15dGFjaHlvbg--/https://s.yimg.com/os/creatr-uploaded-images/2024-07/42c5e610-4b74-11ef-abff-b388f0387d36"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2454917371","pubTimestamp":1722019894,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Warner Bros. Discovery  filed a lawsuit against the National Basketball Association  on Friday over what they said was the league's \"unjustified rejection\" of the company's matching rights proposal earlier in the week.The suit, filed under seal in New York County Supreme Court by WBD and its subsidiary Turner Broadcasting System  and obtained by Yahoo Finance, states the NBA \"has refused to honor TBS’s match. Not only that, despite TBS’s clear match, the NBA has purported to grant the rights to Amazon in direct breach of the agreement.\". \"TBS has a vested interest in maintaining these distribution rights and its carefully developed 40-year brand,\" the complaint reads. \"On top of the billions of dollars it pays the NBA for the distribution rights, TBS has invested hundreds of millions of dollars in production and talent, including its award-winning 'Inside the NBA' program.\". In response to the lawsuit, NBA spokesman Mike Bass told Yahoo Finance, \"Warner Bros. 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Not only that, despite TBS’s clear match, the NBA has purported to grant the rights to Amazon in direct breach of the agreement.\"\nWarner Bros. reportedly shells out $1.2 billion annually for the rights, which expire at the end of next season. Under the terms of the 2024-2025 season, the company maintains a rights package that includes at least 64 regular season games and at least 30 playoff games. \n\"TBS has a vested interest in maintaining these distribution rights and its carefully developed 40-year brand,\" the complaint reads. \"On top of the billions of dollars it pays the NBA for the distribution rights, TBS has invested hundreds of millions of dollars in production and talent, including its award-winning 'Inside the NBA' program.\" \nIn response to the lawsuit, NBA spokesman Mike Bass told Yahoo Finance, \"Warner Bros. Discovery's claims are without merit and our lawyers will address them.\" \nWarner Bros. shares rose about 4% in late afternoon trading following the development.\nThe news comes less than two days after the NBA officially approved a media rights package that excluded WBD, one of the league's current partners, in favor of two newcomers: tech giant Amazon (AMZN) and Comcast's NBCUniversal (CMCSA). It was able to strike a new agreement with its other current media partner, Disney (DIS).\n“Warner Bros. Discovery’s most recent proposal did not match the terms of Amazon Prime Video’s offer and, therefore, we have entered into a long-term arrangement with Amazon,\" the NBA said at the time. \nWall Street analysts have said litigation might not go far for the legacy media giant, which has aired NBA games through its network TNT since 1989. \n\"Even if WBD were to win, the costs may be prohibitive,\" Macquarie analyst Tim Nollen wrote in a note to clients on Thursday. \n\n\n\n  David Zaslav attends the world premiere of \"The Flash\", in Hollywood, Los Angeles, California, U.S., June 12, 2023. REUTERS/Mike Blake\n \n\n  REUTERS / Reuters\n \n\nThe analyst later told Yahoo Finance it's clear the NBA was \"a valuable property for TNT,\" benefiting both its linear TV advertising business and its \"ability to secure carriage fees,\" or the fees pay-TV providers pay to network owners to carry their channels. \n\"But more importantly in our minds is the opportunity cost to the Max streaming service because streaming is the present and future of TV,\" he said, adding it will be harder for Max to generate new subscribers and retain existing ones without the NBA. \n\"It's expensive content and maybe it would even be a loss leader to have it. ...But to me, it was an essential property to retain. Not having it is a major blow to advertising and the subscription fees.\" \nThe loss of the rights will also impact TNT's NBA-adjacent content, such as \"Inside the NBA,\" the acclaimed show hosted by retired players Shaquille O'Neal, Charles Barkley, and Kenny Smith. \nA report from Front Office Sports, however, said ESPN and Amazon are both interested in keeping the show's cast in tact, although Barkley has said he plans to retire after next season, which will also be the end of the current media deal. \n“Clearly the NBA has wanted to break up with us from the beginning,” Barkley wrote in a statement Friday posted on Instagram. “I’m not sure TNT ever had a chance. TNT matched the money, but the league knows Amazon and these tech companies are the only ones willing to pay for the rights when they double in the future.\" \n\"It's a sad day when owners and commissioners choose money over the fans,\" he continued. \"It just sucks.\" \nAlexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.\nClick here for the latest stock market news and in-depth analysis, including events that move stocks\nRead the latest financial and business news from Yahoo Finance","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/2454917371"}