NBA reached a $76bn deal! Comcast (CMCSA.US) and Amazon (AMZN.US) are the new broadcast partners
The NBA has a 11-year, $76bn deal with broadcasters. Comcast's (CMCSA.US) NBC and Amazon (AMZN.US) will become the new regular season broadcast partners in 2024-25, with ESPN on Disney (DIS.US) retaining the NBA Finals.
The deal will be for 11 seasons, according to executives familiar with the agreement.
The new deal is more than three times the current one, as sports has become a powerful draw for media companies seeking to expand their pay-TV subscriber base.
The NBA has been a star-driven sport, dominated by talents such as Jordan, James and O'Neal.
Since 2002 and 1984, ESPN and ABC on Disney, and Turner Sports on Warner Bros Discovery have been the two main partners. But the NBA has been seeking to bring in a new partner to maximise returns and boost the value of the deal by more than a fold.
If the deal is done, it would end a 40-year relationship with Warner.
However, reports suggest TNT could still match the price.
Warner will also have NBA rights next year as the new deal does not start until 2024-25.
The league's management is expected to formally approve the ESPN, NBC Universal and Amazon deal, after which the NBA will hand over the completed contract to Turner Sports.