Warner Bros. Discovery (NASDAQ:WBD) said Monday it has informed the National Basketball Association that it intends to use its matching rights for a package of games earmarked for another company. Warner Bros. Discovery is targeting the deal carved out for Amazon (NASDAQ:AMZN) Prime Video, according to a person familiar with the matter.
“In an effort to continue our long-standing partnership, during both exclusive and non-exclusive negotiation periods, we acted in?good faith to?present?strong bids that were fair to both parties. Regrettably,?the league notified us of its intention to accept other offers for the games in our current rights package, leaving us to proceed under the?matching rights provision, which is an integral part of our current agreement and the rights we have paid for under it,” Warner Bros. Discovery said in a statement. ?
“We have reviewed the offers and matched one of them. This will allow fans to keep enjoying our unparalleled coverage, including the best live game productions in the industry and our iconic studio shows and talent, while building on our proven 40-year commitment for many more years,” the company said. “Our matching paperwork was submitted to the league today. We look forward to the NBA executing our new contract.”
The NBA has “received Warner Bros. Discovery’s proposal” and is “in the process of reviewing it,” according to a league spokesperson.
WBD inched up seven cents to $8.62.
