Warner Bros. Discovery and the NBA have reached an agreement to extend their partnership for another 11 years, resolving recent disputes related to the basketball league’s media deals, the entertainment giant said on Monday.
Shares of Warner Bros Discovery rose around 5% in early trading on Monday.
The company’s four-decade streak of broadcasting NBA games on its Turner Sports network was threatened in July, worth $77 billion.
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A Reuters reported in July that Warner would sue the NBA in New York after the league rejected its offer of equal value for TV rights.
Under the terms of the new agreement, Warner’s TNT Sports will obtain a global license to create, produce and distribute new and existing NBA content across its platforms.
Warner and the sports network ESPN have also entered into a partnership, the companies said on Monday. TNT Sports will continue to create and fully produce the “Inside the NBA” program, which will be distributed by ESPN and ABC.
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The rights to the popular professional basketball league are a prized possession for media companies, as sports content has maintained a loyal and reliable audience even as traditional cable TV businesses have lost millions of subscribers.
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