• Loading stock data...
Friday, June 20, 2025

WBD at a Crossroads: NBA Rights Decision Could Determine Its Future

  • Financial analysts argue for a large-scale overhaul of the TNT Sports parent company.
  • Amazon’s NBA deal, which TNT Sports aims to match, is worth nearly as much as all of WBD.
Ron Chenoy-USA TODAY Sports

With or without NBA rights, Warner Bros. Discovery likely needs some type of catalytic event to help prop up its sagging stock, and discussion is quickly rising around that very notion, both internally and externally. 

The Financial Times reported that the TNT Sports parent company is considering a split of its streaming and movie studio business from its linear TV networks to help lift its shares. That effort could take on multiple forms, including selling off certain assets or separating pieces of the company from WBD’s current debt load of $39 billion. 

That report closely follows another from Bank of America entitled “Is Unbundling the Answer?” in which a group of financial analysts there argue that major shifts are indeed required at WBD.

“It is becoming increasingly clear that the company, as it is currently constructed, is not working as a publicly traded entity, and transformative changes are likely required to unlock the considerable value embedded within those assets,” wrote the Bank of America analysts, led by Jessica Reif Ehrlich. 

Such discussion is happening in large part because WBD shares, despite rising nearly 2.4% on Thursday to $8.52 per share, remain down by 27% since the start of the year and by two-thirds since April 2022, soon after the current company was formed from WarnerMedia’s spin-off by AT&T and a merger with Discovery, Inc. By comparison, the Dow Jones Industrial Average is up by 8% this year and by 17% since April ’22.

The WBD discussion also arrives as the NBA seeks to finalize an 11-year, $76 billion set of media rights with Disney, NBC Sports, and Amazon, a process that remains shrouded in uncertainty and hurt feelings. 

About Those NBA Rights …

WBD, meanwhile, is now formally on the clock to make its response to the league, and it has until the end of Monday to decide whether to use its matching rights. The network intends to exercise those rights, likely focusing on Amazon’s streaming deal. The agreement, worth an estimated $1.8 billion per year, is the league’s “C” package and includes a conference final every other year, early-round playoffs in line with what is currently on NBA TV, weekly regular-season broadcasts, the Emirates NBA Cup, and WNBA rights, among other assets.

A TNT Sports spokesperson confirmed to Front Office Sports receipt of the documents and said “they are receiving them and preparing a response in view of matching rights.”

But at this point, can WBD truly match Amazon’s offer? Should they? In November, when WBD CEO David Zaslav famously said, “We don’t need the NBA”—a comment he would later walk back—he was speaking in large part about a perceived need for fiscal discipline, particularly in the face of a weak advertising market. The company’s shares at that point traded around $11. 

Now, the entirety of WBD carries a market capitalization of about $21 billion. The Amazon deal, the smallest of the three NBA media-rights deals, is worth $19.8 billion. That proximity of the two figures raises new questions as to whether WBD truly has the financial wherewithal to stay in business with the NBA after the 2024–25 season, the last of the current pact. 

Even before a conclusion to the NBA rights process, TNT Sports has made numerous changes to its sports portfolio in recent months, and is increasingly leaning on sister property truTV. 

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Wisconsin cornerback Xavier Lucas (6) is shown during the first quarter of their game against South Dakota Saturday, September 7 , 2024 at Camp Randall Stadium in Madison, Wisconsin.

Wisconsin Sues Miami for ‘Tampering’ With Football Transfer

Xavier Lucas signed NIL deals in Madison before transferring to Miami.
Jun 19, 2025; Indianapolis, Indiana, USA; Oklahoma City Thunder forward Chet Holmgren (7) shoots the ball against Indiana Pacers center Tony Bradley (13) during the first half of game six of the 2025 NBA Finals between the Oklahoma City Thunder and the Indiana Pacers at Gainbridge Fieldhouse.

Pacers’ Tony Bradley Has Made Just $330K This Year Despite Finals Run

Bradley was signed by the Pacers on March 2 to a 10-day contract.
Apr 3, 2025; Los Angeles, California, USA; Los Angeles Lakers forward LeBron James (23) moves the ball up court ahead of Golden State Warriors forward Kevon Looney (5) during the first half at Crypto.com Arena.

Lakers’ $10B Valuation Is Historic, but Not Surprising. What Happens Next?

Details about the deal’s structure and the team’s future are scarce.

Featured Today

Dec 5, 2024; Miami, FL, USA; FIFA president Gianni Infantino presents the FIFA Club World Cup trophy during the Club Word Cup draw at Telemundo Studios.

Revamped Club World Cup Is FIFA’s Billion-Dollar Gamble

The revamped soccer event debuts amid controversy.
Jun 10, 2025; Nashville, Tennessee, USA; United States head coach Mauricio Pochettino stands during the anthem against the Switzerland during the first at Geodis Park
June 14, 2025

Gold Cup Is Complicated for USMNT—but U.S. Soccer Has Its Eyes on..

Uncertain tournament success isn’t fazing forward-looking U.S. soccer.
Jan 24, 2017; Davidson, NC, USA; The Davidson Wildcats student section cheers during the first half against the Duquesne Dukes at McKillop Court at John M. Belk Arena. Davidson defeated Duquesne 74-60.
June 6, 2025

Every College Wants a Flashy Basketball GM Hire Right Now

The role is more important than ever, and the definition is ever-evolving.
August 31, 2024; Columbus, Ohio, USA; The Goodyear blimp flies over Ohio Stadium during the first half of Saturday’s NCAA Division I football game between the Akron Zips and the Ohio State Buckeyes.
June 6, 2025

Why the Goodyear Blimp Is at Every Major Sports Event

The airship wasn’t built to cover sports. Now it’s a regular presence.

Pacers Force Game 7, Could Spark Big Ratings Boost for NBA Finals

Game 7 could boost NBA Finals ratings after a slow start this year.
June 17, 2025

Streaming Tops Linear for First Time, Sports Still Key to TV’s Resilience

Streaming hits another critical milestone in an accelerating media transition.
June 17, 2025

Stanley Cup Final Delivers Drama but Struggles for Eyeballs in U.S.

U.S. viewership fell while Canadian audiences for the event rose slightly.
Sponsored

Game On: Portfolio Players Stories, Brought to You by E*TRADE from Morgan Stanley

Ted Leonsis unpacks basketball’s global rise, media rights, and portfolio ownership.
June 17, 2025

Zaslav Takes Pay Cut, TNT Sports Future Unclear in WBD Shake-Up

The TNT Sports parent company retools its executive pay after shareholder pushback.
Tyrese Haliburton
June 16, 2025

NBA Finals Ratings Up Again in Game 4 but Still Down Overall

More than nine million people watched Games 3 and 4.
Thunder
June 16, 2025

NBA, ABC Air Finals Lineup Intros After Fan Complaints

ABC aired player intros for the first time in 12 years Monday. 
Anthony Slater
exclusive
June 13, 2025

Top Warriors Reporter Anthony Slater Leaving The Athletic for ESPN

Anthony Slater starts at ESPN later this summer.