Sports Rights Untangled: Here’s What Every Media and Tech Giant Owns

This is the second story of Game On, a series from TheWrap exploring how sports is transforming the entertainment business. Read our first story here.

The sound you just heard isn’t the crowd going wild after a Patrick Mahomes touchdown pass, a Luka Dončić buzzer-beater or even a Shohei Ohtani home run. It’s the mountains of cash flying from a media/tech company into the pockets of the latest sports league commanding top dollar for TV rights. 

The power in entertainment is shifting, with sports rights deals coming with increasing frequency. Between legacy players trying to keep their declining but still profitable pay TV bundles alive and streamers using live games to win over and retain subscribers, there’s no programming option more alluring than sports. 

Rights costs in the U.S. have risen exponentially in recent years following increased competition from deep-pocketed tech players like Apple, Amazon and Google’s YouTube, as well as from  the emergence of entirely new sports and leagues inking media deals, such as the Premiere Lacrosse League and the National Women’s Soccer League. Every sport is trying to get in on the action.

While many of the major U.S. sports rights deals are locked up for the next several years, S&P Global analyst Scott Robson told TheWrap he expects increases following the expiration of the National Hockey League media rights deals in 2027, Major League Baseball in 2028 and the anticipated NFL renegotiation expected to start in 2029 — at which point the league has the option of terminating its current media rights deals that run through 2033. 

Excluding regional sports networks, Robson’s firm forecasts payments for U.S. TV and streaming media rights will reach a total of $29.25 billion in 2025 — a 105% increase from $14.64 billion a decade ago  — and projects the figure will grow to over $37 billion by 2030. 

At the same time, there are questions about whether this spending is worth it. Ampere Analysis noted that U.S. sports rights spending has increased by 122% over the last decade to $30.5 billion (the firm’s numbers differ slightly from S&P). Over the same period, total TV industry revenues from broadcast, cable and streaming increased by just 24% to $213 billion, meaning investment in rights has grown five times faster than the broader market. Whereas a decade ago, broadcasters spent 8% of their revenue on sports rights, that figure has now jumped to 14% of total TV revenue, the firm said.

But not all sports rights are created equal and the economics of the traditional pay TV bundle will be difficult to replicate in the fragmented streaming landscape. Crakes Media founder and former Fox Sports executive Patrick Crakes predicts some leagues will see a reversal in their rights growth in the coming years as streamers spend more cautiously in favor of growing profitability. 

“The signs are everywhere that the sports rights marketplace has gotten more complicated and that, except for the very tippy tip of the spear, pretty much everybody’s increases are threatened,” Crakes told TheWrap. “Much like we’ve seen with entertainment rights and content costs, sports rights costs growth has to taper. In some cases, it will dissipate, but that doesn’t mean that people won’t see increases because of the unique nature of live sports.” 

For now, the demand for sports keeps rising, which has led to a dizzying array of deals. Below is TheWrap’s guide of which media companies control which sports rights and for how long.  

Disney

Disney leads its competitors with a 28% share of spend on U.S. sports rights in 2025, according to Ampere Analysis. Its rights include:

• NFL ($2.7 billion per year through 2033)
• NBA ($2.6 billion per year through 2036)
• College Football Playoff (The six-year extension is valued at $7.8 billion total through 2032)
• SEC football ($3 billion total through 2034-35 season)
• NCAA ($920 million total through 2032)
• WWE Premium Live Events ($1.6 billion total through 2031)
• NHL ($400 million per year through 2027-28 season)
• MLB ($550 million per year through end of 2025 season)
• WNBA (The entire deal, which also includes Amazon and NBCUniversal, is valued at a total of $2.2 billion through 2036. Disney’s share has not been disclosed.)
• NWSL (The entire deal, which includes ESPN, CBS, Prime Video and Scripps Sports, is valued at a total of $240 million through the 2027 season. Disney’s share has not been disclosed.)
• Big 12 (The deal, which includes Fox, is reportedly valued at a total of $2.28 billion through the 2030-31 season.)
• UFC ($1.5 billion total through 2025)
• LaLiga ($175 million a year through 2028-29 season)
• Bundesliga ($30 million per season through 2025-26 season)
• Wimbledon ($95 million per year through 2035)
• U.S. Open tennis ($170 million per year through 2037)
• PGA Tour (The deal, which also includes NBC and CBS, is valued at a total of $700 million through 2030.)

Disney last month struck an agreement for additional NFL games and control of the NFL Network in exchange for the league’s 10% stake in ESPN, which analysts estimate to be worth between $2.5 billion and $3 billion. It also has a deal with the Australian Open through 2029, the PGA Championship through 2030, a minority stake in the Premiere Lacrosse League and the rights to Pac-12 football for the 2025 season.

Comcast/NBCUniversal

NBCUniversal parent Comcast has the second-largest share of spending on U.S. sports rights for 2025 at 18%, according to Ampere. Its sports rights include:

• NFL ($2 billion+ per year through 2033 season)
• NBA ($2.45 billion per year through 2036)
• WNBA (The entire deal, which also includes Amazon and Disney, is valued at a total of $2.2 billion through 2036. NBCUniversal’s share has not been disclosed.)
• The Olympics ($7.75 billion through 2032, reached a $3 billion extension through 2036)
• USGA championships ($93 million annually through 2032, includes $20 million+ for Versant)
• Premiere League ($2.7 billion through 2027-28 season, including Spanish-language rights for Team USA matches through the 2026 FIFA World Cup)
• Notre Dame football ($50 million per year through the 2029 season)
• PGA Tour (The deal, which also includes CBS and ESPN, is valued at a total of $700 million through 2030.)
• Big Ten ($350 million per year through 2029-2030)
• NASCAR (Its entire seven-year deal, valued at $7.7 billion total, includes Fox, NBCUniversal, Warner Bros. Discovery and Amazon through the 2031 season. NBCU’s individual share was not disclosed.)
• Big East Conference (The deal, which includes Fox and Warner Bros. Discovery, is valued a total of $480 million through the 2030-31 season.)
• Friday Night Smackdown (USA Network has an over $1.4 billion deal through the end of 2029.)

Paramount

Paramount is tied with Fox at third place for U.S. sports rights spend in 2025 with 13%, per Ampere.

That share figure excludes Paramount’s recently brokered $7.7 billion UFC deal, which will see Paramount+ stream all 13 marquee numbered events and 30 Fight Nights, with major matches simulcast on CBS, and end the promotion company’s pay-per-view model. 

At a media briefing in August, CEO David Ellison touted the company’s relationship with the NFL, whom he hopes to work with for the “foreseeable future.” He noted the league is now a shareholder in Paramount through the 50-50 joint venture Skydance Sports. 

Paramount’s sports rights include:

• NFL ($2 billion+ per year through 2033 season)
• UFC ($7.7 billion deal through 2033) 
• NWSL (The entire deal, which includes ESPN, CBS, Prime Video and Scripps Sports, is valued at a total of $240 million through the 2027 season. Paramount’s share has not been disclosed.)
• NCAA Division I Men’s Basketball (The deal, which includes Warner Bros. Discovery, is valued at a total of $995 million through 2032.)
• PGA Tour (The deal, which also includes ESPN and NBC, is valued at a total of $700 million through 2030.)

Paramount also has deals for the Big Ten through the 2029-30 season, the PGA Championship through 2030, the Mountain West Conference through the 2025-26 season, UEFA through the 2029-30 season, Professional Bull Riders through 2030, Pac-12 football for the 2025 season, the English Football League through the 2027-28 season, Series A games through the 2025-26 season, the Lamar Hunt U.S. Open Cup through 2026 and the annual Army-Navy football game through 2038.

Additionally, CBS has multi-year deals for the Scottish Premiereship, the United Soccer League, Concacaf and the national team men’s and women’s competitions and sublicenses Liga MX matches from TelevisaUnivision.

Fox

Fox is tied at third place with a 13% share of U.S. sports rights in 2025. In addition to owning a 50% stake in the United Football League and a one-third stake in Indycar parent Penske Entertainment, Fox’s sports rights include:

• The NFL ($2 billion+ per year through the 2033 season)
• NASCAR (Its entire seven-year deal, valued at $7.7 billion, includes Fox, NBCUniversal, Warner Bros. Discovery and Amazon through the 2031 season. Fox’s share was not disclosed.)
• MLB ($729 million annually through the 2028 season)
• Big East Conference (The deal, which includes NBC and TNT, is valued a total of  $480 million through the 2030-31 season.)

In addition, Fox has the rights to LIV Golf through 2027, Big Ten through the 2029-30 season, Big 12 through the 2030-31 season, the Mountain West conference through the 2025-26 season, Major League Soccer and the FIFA World Cup through 2026, UEFA through 2028 and NYRA Horse Racing through 2030.

Warner Bros. Discovery

Warner Bros. Discovery holds an 8% share of U.S. sports rights spend — tying with Amazon — which includes its NBA rights in the first half of 2025. 

Despite being left out of rights to the NBA in the U.S. starting this fall, WBD reached a settlement with the league that gives it a license to create, produce and distribute new and existing NBA content across its platforms, expanded global content and highlight rights for TNT Sports, Bleacher Report and House of Highlights, and international rights to NBA games in Northern Europe and Latin America, excluding Mexico and Brazil. WBD’s other sports rights include:

• The French Open ($650 million through 2035)
• NASCAR (Its entire seven-year deal, valued at $7.7 billion, includes Fox, NBCUniversal, Warner Bros. Discovery and Amazon through the 2031 season. WBD’s share was not disclosed.)
• MLB ($470 million per year through 2028 season)
• NHL ($200 million per year through 2027-28 season)
• U.S. soccer rights ($200 million per year through 2031) 
• NCAA Division I Men’s Basketball (The deal, which includes Paramount, is valued at a total of $995 million through 2032.)
• Big East Conference (The deal, which also includes NBC and Fox, is valued at a total of $480 million through the 2030-31 season.)

TNT also is sublicensing the College Football Playoff and Big 12 from Disney through 2028 and 2030, respectively, and has a multi-year deal with All Elite Wrestling.

Amazon 

Amazon is tied with Warner Bros. Discovery with an 8% share of U.S. sports rights. Its rights include:

• NFL ($1 billion per year through 2033)
• NBA ($1.8 billion per year through 2036)
• WNBA (The entire deal, which also includes Disney and NBCUniversal, is valued at a total of $2.2 billion through 2036. Amazon’s share has not been disclosed.)
• NASCAR (Its entire seven-year deal, valued at $7.7 billion, includes Fox, NBCUniversal, Warner Bros. Discovery and Amazon through the 2031 season. Amazon’s share was not disclosed.)
• NWSL (The entire deal, which includes ESPN, CBS, Prime Video and Scripps Sports, is valued at $240 million through the 2027 season. Amazon’s share has not been disclosed)

In addition, the tech giant has a deal with One Championship through 2027, a multi-year deal with Overtime Elite and multi-year pay-per-view distribution deals with All Elite Wrestling and Premier Boxing Champions.

Netflix

Despite its lead in the streaming space, Netflix only has a 2% share of U.S. sports rights spend, per Ampere. While the company has started to dip its toe into sports in recent years, it has long avoided picking up rights due to their high costs.

The company has an agreement with the NFL to broadcast two games on Christmas Day through the 2026 season. In 2024, the company spent $150 million on the pair of games, an individual familiar with the matter previously told TheWrap. It also nabbed the U.S. exclusive distribution rights to the FIFA Women’s World Cup in 2027 and 2031. 

It also has a $5 billion, 10-year deal with WWE for the rights to “Monday Night Raw” in the U.S., Canada, the U.K. and South America, with more territories expected to be added over the course of the contract through 2035. Additionally, Netflix is home to WWE shows and specials outside of the U.S. including “Raw,” “Smackdown” and “NXT,” as well as premium live events such as “WrestleMania,” “SummerSlam” and “Royal Rumble.” 

YouTube

YouTube which has a 7% share of U.S. sports rights spend, per Ampere, secured the rights to the NFL Sunday Ticket for roughly $2 billion per year through the 2029-30 season, or $14 billion total, and was recently given its first exclusive NFL game, which will air Friday.

Apple

Apple, which accounts for 1% of U.S. sports rights by spend for 2025 per Ampere, has a $2.5 billion, 10-year deal with Major League Soccer through 2032 and is paying $85 million per year to be the exclusive home for “Friday Night Baseball” in the U.S. through the 2028 MLB season.

Coming up on next Tuesday: TheWrap explores how the all the sports deals and new players are leading to higher bills and more confusion for viewers.