WBD Secures Comcast Deal, Readies for Future Without NBA Rights

Warner Bros. Discovery’s ongoing preparation for an existence without domestic NBA media rights continues to gather steam, representing one of the unlikelier stories in the media industry. 

The TNT Sports parent this week completed a large-scale distribution agreement with Comcast, the second-largest U.S. cable company, that will cover not only domestic distribution but also the U.K. and Ireland. Following a somewhat similar deal WBD struck in September with Charter Communications, the No. 1 carrier, Comcast will continue to carry key WBD networks such as TNT, TBS, CNN, Discovery, Food Network, HGTV, and TLC.

The Comcast pact marks the latest in a steady flow of new business for WBD under CEO David Zaslav since the NBA announced in late July its plan to move forward without TNT Sports holding national rights with the league, starting with the 2025–2026 season. 

In the last four months, WBD has also moved heavily into college football and basketball, picking up partial game rights to the Big 12, Big East, and Mountain West conferences as well as the College Football Playoff, in turn helping protect the company’s critical carriage fees. The run of activity additionally includes the resolution of WBD’s lawsuit against the NBA, with the company acquiring a broad set of league content and highlight rights, including live rights in several international territories, and a “reimagined and enhanced” partnership for NBA Digital.

That settlement further involved a three-way agreement with ESPN, paving the way for TNT Sports’ Inside the NBA to move to the Disney-owned network.

“These broad and multiyear agreements underscore the value and appeal of our linear portfolio,” said Bruce Campbell, WBD chief revenue and strategy officer, of the Comcast agreement, which included a resolution of an outstanding legal dispute there, too. 

Stock Run-Up

Investors have clearly taken notice of WBD’s ongoing reconstruction. After hitting a 52-week low in early August, days after the NBA media deals were announced, WBD shares have grown more than 60%, and by more than 15% just in the last month. 

There’s still a big hill to climb, though, as the stock is still less than half the level it was at when the current company was created following a 2022 merger with Discovery, Inc. There’s also an investor lawsuit against the company that is seeking class-action status. But it’s becoming increasingly clear there indeed can be life for WBD without its long-held NBA live rights deal in the U.S., and has given some vindication to Zaslav’s much-scrutinized 2022 comment that WBD didn’t “have to have the NBA.”