Paramount Winning WBD Battle May Give It Best Live Sports Portfolio in Industry
Paramount will combine TNT Sports with its existing CBS Sports assets.
And just like that, Paramount Skydance may soon control the most formidable portfolio of live sports in media.
On Thursday, Netflix dropped its bid to acquire Warner Bros. Discovery, choosing not to match Paramount Skydance’s latest offer. If the deal closes as expected, Paramount will combine TNT Sports with its existing CBS Sports assets.
That combined portfolio would include the NFL, March Madness, the MLB postseason, NHL playoffs, College Football Playoff games, the Masters, NASCAR, the French Open, and exclusive rights to the UFC.
MIAMI GARDENS, FLORIDA - JANUARY 1: General view of College Football Playoff signage before the College Football Playoff Quarter Final Game between the Oregon Ducks and the Texas Tech Red Raiders at Hard Rock Stadium on January 1, 2026 in Miami Gardens, Florida. (Photo by CFP/Getty Images)
On volume alone, Paramount would offer more live sports than NBC, Fox, or any standalone streaming service. ESPN would be its only true competitor in terms of overall live sports rights.
By comparison, ESPN’s portfolio includes the NFL, NBA (including the Finals), most of the College Football Playoff, SEC football, regular-season MLB, the WNBA, tennis, and the NHL playoffs.
With ESPN entering the Super Bowl rotation for the first time next season, it may hold a slight advantage, particularly given the breadth of its college football inventory. Still, the gap would be narrow.
Paramount is also expected to pursue future rights aggressively under David Ellison, whose father, Larry Ellison, has an estimated net worth of $245 billion.
Storyline to watch: both Paramount and ESPN could emerge as bidders for the World Series package in 2029, which is expected to draw interest from multiple suitors.
HOUSTON, TEXAS - FEBRUARY 21: Sean Strickland and Anthony Hernandez exchange strikes in a middleweight bout during UFC Fight Night at Toyota Center on February 21, 2026 in Houston, Texas. (Photo by Jack Gorman/Getty Images)
Looking ahead, Paramount’s streaming strategy remains unclear. The company may keep Paramount+ and HBO Max separate in the near term, potentially offering discounted bundles. Currently, all live sports on CBS Sports and TNT Sports are available via streaming. Paramount+ and HBO Max are each about $9.99 per month.
By contrast, ESPN’s direct-to-consumer app costs $29.99 per month, suggesting that any future consolidation between Paramount+ and HBO Max could be expensive.
In any case, Paramount prevailing in the bidding process benefits sports fans who remain hesitant to rely entirely on streaming. While streaming will likely play a central role in the company’s strategy, most TNT Sports programming will likely remain on cable (TNT and TBS) or shift to broadcast television (CBS).