The NBA’s financial future is looking brighter than ever after the league announced a record-breaking TV deal with two broadcast partners (ESPN and Turner) Monday morning.
The new contract will ensure that NBA games remain on ESPN, ABC, TNT, and NBA TV for at least the next decade. The nine-year agreement kicks in at the start of the 2016-17 season and will run through the 2024-25 season.
Richard Sandomir of the New York Times is reporting the exact financial terms of the deal.
NBA to announce $24 billion/9 year deal w/ ESPN and TNT on Monday. Annual average value nearly 3x current deal.
— Richard Sandomir (@RichSandomir) October 6, 2014
Heavy competition from outside networks (NBC Sports, Fox Sports 1) that had hoped to gain NBA TV rights proved to be a major factor in negotiations, as ESPN/Turner ended up having to pay a higher annual fee ($2.7 billion) in the extension.
“The Walt Disney Company and Turner Broadcasting share responsibility for the growing popularity and interest the NBA enjoys, and we are thrilled to extend our partnerships,” said NBA Commissioner Adam Silver in a league press release. “With these new agreements, our fans will continue to benefit from the outstanding NBA coverage and programming provided by ABC, ESPN, TNT, NBA TV and their digital platforms.”
The league also announced TNT would be producing at end-of-season NBA Awards Show as part of the agreement. Both broadcast partners will also be able to show additional regular season games on their networks each season.