In this week’s column, California Sports Lawyer® CEO and Managing Attorney Jeremy M. Evans examines the proposed Paramount–Warner Bros. Discovery merger and why live sports rights—not entertainment libraries or streaming platforms—may be the most important asset shaping the future of the media industry.
[L]ive sports broadcasting and streaming rights remain the most valuable asset in modern media and consumer consumption.
You can read the full column below. (Past columns can be found, here).
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The proposed Paramount–Warner Bros. Discovery (“PWBD”) merger is a significant milestone in entertainment and sports history. The $111 billion sale price is nearly $40 billion ($39.7 billion) more than the Disney–Fox merger. The PWBD merger is widely being framed as a move to strengthen streaming platforms, theatrical windows of 45 days, and the combining of two iconic film and television studios and entertainment libraries, which is true. However, the underlying economic logic of the PWBD deal points to a different priority: live sports broadcasting and streaming rights remain the most valuable asset in modern media and consumer consumption.
In the current media environment, live sports rights drive advertising, subscriber retention, and platform relevance. It is true that a very popular television series can drive the aforementioned, but a good television series is not as predictable or as relevant as live sports, and even less so for feature films. In other words, series and films are unpredictable in terms of success and the chances are limited. A bad game can happen, and fans will still watch and come back, game after game and season after season.
In terms of sports assets, Paramount contributes CBS, Paramount+, and major sports rights including the NFL and NCAA basketball. Warner Bros. Discovery brings Turner networks, TNT, Bleacher Report, and other established sports programming. The combined PWBD entity will hold significant live sports rights and distribution capacity alongside one of the largest entertainment libraries in the world.
Some may question the power of sports. However, live sports continue to deliver large real-time audiences in an otherwise fragmented media landscape. Advertisers prioritize sports because of predictable viewership and cultural relevance. Sports dominate popular culture and social media engagement. Moreover, media companies increasingly depend on sports rights to justify subscription models and maintain competitive leverage.
The flip side to live sports is entertainment libraries. Entertainment libraries keep fans engaged on the platform after the game is over. In other words, entertainment libraries provide long-term value by strengthening combined film and television catalogs with extensive on-demand content. Combined libraries can also help competition by retaining subscribers and supporting international distribution.
This dynamic makes sense because streaming platforms have become the primary distribution channel for both sports and entertainment content. PWBD is seeking to compete with global powerhouses like Netflix, Amazon, Disney, and Apple. PWBD would round out the group of major media platforms along with NBCUniversal and combine streaming platforms Paramount+, Max, and Pluto TV. A subscriber could stream a boxing or UFC match and then watch Top Gun: Maverick, for example, without ever leaving the platform.
A merger of this scale will likely bring scrutiny from antitrust regulators. However, time and again similar deals have been approved regardless of political party control, largely because the industry has changed and the lines between production and distribution have become less defined. Assuming the deal is approved, further mergers may be on the horizon.
Live sports rights and distribution are increasingly determining the structure of modern media companies. Vast entertainment libraries and live sports on streaming platforms support the core strategy in Hollywood and sports. Meanwhile, mergers will continue to advance that strategy.
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About Jeremy M. Evans:
Jeremy M. Evans is the Chief Entrepreneur Officer, Founder & Managing Attorney at California Sports Lawyer®, representing entertainment, media, and sports clients in contractual, intellectual property, and dealmaking matters. An award-winning attorney and industry leader, Evans is based in Los Angeles and Newport Beach, California. He can be reached at Jeremy@CSLlegal.com. www.CSLlegal.com.
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