NBA cashes in with ESPN, TNT contracts

Associated Press

NEW YORK

The NBA and its television partners couldn’t wait to extend their contracts.

The league renewed its deals with ESPN and TNT even though two seasons remain on the old ones. With potential competition from Fox looming, both networks were willing to pay generously to secure the rights long term.

The NBA’s annual revenue from the agreements will increase from $930 million to more than $2.6 billion, according to a person familiar with the terms. The person spoke on condition of anonymity to The Associated Press because the league did not announce financial figures.

“We ultimately made a decision that this was the right time to go,” Commissioner Adam Silver said at a news conference Monday. “These are extraordinarily healthy deals financially.”

The contracts will run an additional nine years through the 2024-25 season. The previous eight-year agreements end after 2015-16.

“We believe at the end of the deal it will feel inexpensive,” ESPN President John Skipper said. “It’s hard to imagine.”

What was painful to imagine for both companies was life without the NBA.

“Each year the playoffs help TNT win nights of television during all-important May sweeps,” said David Levy, president of Turner Broadcasting System.