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WARNER BROS. DISCOVERY NBA DEAL 'BEST CASE SCENARIO': ANALYST SAYS RENEWAL
STRUCTURE COULD BOOST ANNUAL PROFIT

by Chris Katje, Benzinga Staff Writer



November 19, 2024 4:34 PM | 2 min read | Make a Comment


ZINGER KEY POINTS

 * Warner Bros. Discovery lost media rights for NBA games beginning in 2025.
 * The media company recently reached an agreement with the NBA that will help
   provide an offset to the lost rights.


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Analysts praised the agreement reached this week between Warner Bros. Discovery

WBD+2.21%
Get Free Report
and the National Basketball Association (NBA) that will see an extension of the
two companies’ partnership for 11 years.

As part of the deal, TNT Sports will be licensed to other companies and Warner
Bros. will get exclusive rights to NBA games in some international markets. The
deal will also see ESPN, a unit of The Walt Disney Company

DIS+0.23%
Get Free Report
, partner with Warner Bros. to license the popular basketball studio show
"Inside the NBA."

The Analyst Takeaways: "This appears to be as positive of an outcome as
investors could have hoped for, considering loss of domestic distribution," Bank
of America’s Jessica Reif Ehrlich said in a Monday analyst note.

Read Also: Stock Of The Day: Warner Bros. Bounces From Support As NBA Agreement
Finalized

Ehrlich, calling the deal "a best case scenario," reiterated a Buy rating on
Warner Bros. Discovery with a $12 price target.

Warner Bros. Discovery avoids having to pay expensive sports rights fees while
still getting global rights to some hit shows, she explained.

The company will also receive licensing revenue from Disney for "Inside the
NBA."

"In totality, we estimate today's announcements could yield a healthy annual
profit for the company,” Ehrlich added.

Ehrlich said Warner Bros. Discovery will now televise exclusive Big 12 football
and men's basketball games starting in the 2025 season.

"WBD continues to add sports rights to its portfolio which in the aggregate,
should help partially offset the loss of the domestic NBA distribution."

Outside of the NBA deal, Ehrlich also sees Warner Bros. Discovery's upcoming
renewal with Comcast Corporation

CMCSA+1.54%
Get Free Report
as a potential future catalyst.

A recent renewal with Charter saw Warner Bros. Discovery still net a strong rate
for TNT carriage fees, despite losing future NBA rights, the analyst added.

"If these terms can be more broadly replicated in the upcoming CMCSA renewal,
that would go a long way in assuaging any remaining concerns."

Price Action: Warner Bros. Discovery stock is up 0.32% to $9.50 at last check
Tuesday versus a 52-week trading range of $6.64 to $12.68.

The company’s stock is down 19% year-to-date in 2024, but shares have risen over
25% in the last month.

Read Next:

 * Warner Bros. Discovery Q3 Earnings: Olympics and Blockbusters Drive Gains,
   CEO Highlights Subscriber Surge and New Partnerships  

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights
reserved.


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name
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11/20/2024CMCSAComcast$60 → $60—Buy → BuyBenchmark11/20/2024DISWalt Disney$130 →
$130—Buy → BuyNeedham11/19/2024CMCSAComcast$60 → $60—Buy →
BuyBenchmark11/18/2024CMCSAComcast$40 → $42—NeutralMacquarie11/18/2024DISWalt
Disney$128 → $134—OutperformEvercore ISI Group11/15/2024DISWalt Disney$110 →
$130—BuyNeedham11/11/2024WBDWarner Bros. Discovery$12 → $12—OutperformBarrington
Research11/11/2024WBDWarner Bros. Discovery——Underperform → Peer PerformWolfe
Research11/08/2024WBDWarner Bros. Discovery$8 → $9—NeutralMacquarie


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Posted In: Analyst ColorEntertainmentPrice TargetReiterationSportsAnalyst
RatingsTrading IdeasBank of AmericaESPNExpert IdeasJessica Reif EhrlichNational
Basketball AssociationNBATNT

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--------------------------------------------------------------------------------


THE NEW ECONOMY: WHAT DOES BITCOIN'S METEORIC RISE BODE? CROSSROADS SUMMIT 2024,
JUST DAYS AWAY, OFFERS INSIGHT FROM INDUSTRY LEADERS AND EXPERTS

by James Blacker


November 21, 2024 8:28 AM | 5 min read | Make a Comment

Partner Disclosure

The 2024 Crossroads Summit is just a few days away – get your tickets for this
future-focused event by clicking here! Nearly 16 years have passed since the
elusive Satoshi Nakamoto mined Bitcoin's genesis block on Jan. 3, 2009,
launching what would become the largest and most popular cryptocurrency.
Originally conceived as a decentralized alternative to traditional currencies,
Bitcoin has undergone rapid growth and become a significant store of value,
substantially altering the financial landscape With Bitcoin soaring to new
heights in November, the upcoming Crossroads Summit brings together experts in
the cryptocurrency and blockchain space to discuss the future of Bitcoin and the
rise of alternative hard assets Bitcoin hit an all-time high of slightly over
$90,000 on Nov. 12, following a 35% surge sparked by President-elect Donald
Trump's election victory a week earlier. Trump's White House return is
considered bullish for the cryptocurrency industry, with the president-elect
having indicated that he will implement favorable regulation With Bitcoin now
trading at record levels, many analysts are projecting that it could hit
$100,000 before the end of the year. Among them, is Chris Sullivan, co-founder
and portfolio manager of Hyperion Decimus and one of the speakers at this
month's Crossroads Summit, to be held on Nov. 21 and 22 in Miami, Florida.
Sullivan and other cryptocurrency experts will be speaking at a panel discussion
on the second day of the conference titled "The New Economy: Bitcoin and the
Rise of Alternative Hard Assets."
Read More



--------------------------------------------------------------------------------




ALPHABET BLEEDS OVER $120 BILLION IN MARKET VALUE, EYES WORST DAY IN 10 MONTHS
AFTER DOJ DEMANDS GOOGLE CHROME SALE

by Piero Cingari, Benzinga Staff Writer


November 21, 2024 12:28 PM | 3 min read | Make a Comment


ZINGER KEY POINTS

 * Alphabet shares plunge over 6%, erasing $120 billion in market value and
   dropping its valuation below the $2 trillion mark.
 * Forced Chrome divestiture would threaten Alphabet’s ad revenue, with "Search
   & Other" contributing $175 billion — 56% of 2023 total revenue.


Shares of Alphabet Inc. GOOGL GOOG plunged more than 6% during Thursday morning
trading in New York, marking their steepest decline since January 2024. The drop
has wiped out over $120 billion in market capitalization, dragging Alphabet's
valuation below the critical $2 trillion threshold The sharp decline follows the
U.S. Department of Justice's (DOJ) announcement of sweeping remedies in its
high-profile antitrust lawsuit against Google On Wednesday, the DOJ proposed
measures aimed at curbing Google's dominance in search and digital advertising,
potentially reshaping Alphabet’s core business operations Regulators view Chrome
as a cornerstone of Alphabet's ability to consolidate its dominance in both
search and ad tech markets. This divestiture would mark an unprecedented
government intervention into one of the tech giant’s most integrated and
profitable ecosystems
Read More



--------------------------------------------------------------------------------




BITCOIN HITS $95K FOR THE FIRST TIME EVER, ETHEREUM, DOGECOIN FLAT AS TRUMP'S
CRYPTO POLICY TAKES SHAPE: TOP ANALYST DESCRIBES BTC'S PATH TO $135K

by Aniket Verma


November 20, 2024 8:55 PM | 3 min read | Make a Comment


Bitcoin hit $95,000 for the first time ever, following reports of a
cryptocurrency-focused role in the incoming Donald Trump administration. What
Happened: The leading cryptocurrency briefly surpassed the never-seen-before
level overnight on Wednesday before rebounding With the latest uptick, Bitcoin's
weekly gains jumped to nearly 5%, while its market dominance reached 60%. Its
returns for November have shot past 33% already, against the historical average
of 45% On the contrary, Ethereum, the second-largest cryptocurrency by market
capitalization, slid below $3,100. It was down over 3.5% over the week Nearly
$350 million in leveraged positions were liquidated from the cryptocurrency
market in the last 24 hours, with long liquidations accounting for $241 million
Read More



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