Unlocking Value in NHL Broadcasting: The Victory+ and Gray Media Partnership Model

The NHL’s regional broadcasting landscape is undergoing a seismic shift, driven by innovative partnerships like Victory+ and Gray Media’s collaboration with teams such as the Dallas Stars and Anaheim Ducks. These alliances are redefining how teams monetize local games, expand market reach, and adapt to the declining relevance of traditional regional sports networks (RSNs). For investors, the strategic and financial potential of these models offers a compelling case for long-term value creation in sports media.

A New Era of Accessibility and Revenue

Victory+, a free, ad-supported streaming service co-owned by the Dallas Stars and A Parent Media Co. (APMC), has demonstrated a scalable alternative to RSNs. By eliminating subscription fees and leveraging direct-to-consumer distribution, the platform has attracted a younger demographic—40% of Stars viewers on Victory+ are aged 18–25 [5]. This shift not only broadens fan engagement but also opens new revenue streams through targeted advertising and data analytics. For instance, the Stars reported over 165,000 viewers for a recent game on Victory+, a figure that dwarfs traditional RSN metrics [3].

The partnership with Gray Media further amplifies this model. By simulcasting 17 Dallas Stars games across 15 markets in Texas, Arkansas, and Louisiana, the collaboration ensures free over-the-air access to fans in underserved regions [1]. This dual-channel approach—combining streaming with broadcast—maximizes reach while minimizing financial risk for teams. APMC’s provision of a minimum revenue guarantee to the Stars during the platform’s launch underscores the confidence in this model’s viability [3].

Financial Implications and Scalability

While specific revenue-sharing terms between Victory+ and Gray Media remain undisclosed, the broader financial implications are clear. Ad-supported streaming allows teams to bypass the high costs of RSNs and instead capture a larger share of advertising revenue. For example, the Stars’ partnership with Victory+ has already led to quadrupled viewership compared to previous seasons [3]. This growth is critical in an era where NHL teams collectively generated over $6 billion in revenue in 2025, partly driven by modernized media rights deals [2].

The model’s scalability is further evidenced by Victory+’s expansion into junior hockey, such as the Western Hockey League (WHL), which will stream over 700 games for free [5]. This diversification not only strengthens Victory+’s position as a sports media hub but also creates cross-promotional opportunities for NHL teams. For investors, the ability to replicate this model across other leagues and teams represents a significant untapped value pool.

Challenges and Future Outlook

Despite its promise, the Victory+ model is not without risks. The recent introduction of paid subscriptions for Texas Rangers games on the platform raises concerns about accessibility and potential alienation of casual fans [3]. Additionally, the NHL’s lack of a centralized streaming strategy—unlike the NBA’s League Pass—means teams must navigate fragmented markets individually, complicating standardization [1].

However, the success of the Stars and Ducks suggests that teams willing to innovate can outperform peers. The NHL’s recent 12-year, $11 billion deal with Rogers Communications for Canadian rights highlights the league’s broader financial health [4], providing a stable backdrop for teams to experiment with hybrid models like Victory+.

Conclusion

The Victory+ and Gray Media partnership exemplifies how strategic media innovation can unlock new value for NHL teams. By prioritizing accessibility, leveraging ad-supported revenue, and expanding into underserved markets, this model addresses the limitations of RSNs while aligning with the digital habits of modern fans. For investors, the key takeaway is clear: teams that embrace these partnerships are not just adapting to change—they are leading the next evolution of sports media.

Source:[1] Victory+ Teams Up with Gray Media to Bring Dallas Stars NHL Games to Outer Markets [https://finance.yahoo.com/news/victory-teams-gray-media-bring-140000064.html][2] NHL Thriving as It Hits Midway Point of Current Media Rights Deal [https://www.spglobal.com/market-intelligence/en/news-insights/research/nhl-thriving-as-it-hits-midway-point-of-current-media-rights-deal][3] Stars Taking All Local Broadcasts to New Ad-Supported Platform [https://www.sportsbusinessjournal.com/Articles/2024/07/08/dallas-stars-local-broadcasts-digital-platform/][4] Rogers Communications and NHL Announce 12-Year, $11- [https://www.cbc.ca/sports/hockey/nhl/rogers-retain-canadian-nhl-rights-april-2-1.7499786][5] Victory+ and WHL Come Together on Most Comprehensive Streaming Deal in Junior Hockey History [https://chl.ca/whl-americans/article/victory-and-whl-come-together-on-most-comprehensive-streaming-deal-in-junior-hockey-history/]