Paramount May Overhaul WBD's Sports Strategy After Merger

Turner Sports' recent investments in smaller sports rights may not fit Paramount's priorities.

Published on Mar. 5, 2026

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If Paramount's acquisition of Warner Bros. Discovery is approved, the company may look to unwind WBD's recent strategy of investing in smaller sports rights packages for its Turner Sports division. Paramount already owns the rights to major sports leagues like the NFL, NCAA March Madness, and the Masters, and adding Turner's MLB, NHL, and other rights may not be the best use of capital as Paramount seeks $6 billion in synergies from the merger.

Why it matters

The potential changes to Turner Sports' sports rights portfolio under Paramount could have ripple effects across the industry, opening up opportunities for other media companies to acquire sports content that may become available. It also raises questions about the future role of Turner Sports president Jeff Shell, a longtime sports programming advocate, within the combined Paramount-WBD entity.

The details

For nearly two years, WBD's Turner Sports has invested in a number of smaller sports rights packages, such as the French Open, the three-on-three women's basketball league Unrivaled, and a sublicense deal with ESPN for early round College Football Playoff games. The goal was to support distribution for Turner's cable networks like TNT during carriage renewal negotiations. However, these types of Tier 2 and Tier 3 sports rights are likely less valuable to a media powerhouse like Paramount, which already owns the rights to major leagues and events. Paramount may look to cut back on the amount of sports programming on TNT and focus more on its existing sports portfolio, which includes the NFL, NCAA March Madness, and the Masters.

  • In 2024, Turner cut a deal with ESPN to sublicense early round College Football Playoff games.
  • Also in 2024, Turner scooped up French Open rights in a 10-year agreement.
  • Turner followed that announcement with a multi-year agreement for the three-on-three women's basketball league Unrivaled.
  • WBD also renewed its deal with All Elite Wrestling in October 2024.

The players

Paramount

A major media company that is in the process of acquiring Warner Bros. Discovery.

Warner Bros. Discovery (WBD)

The media company that owns Turner Sports and has been pursuing a strategy of investing in smaller sports rights packages.

Jeff Shell

The president of Paramount who is a longtime advocate of sports programming, but whose future role at the combined Paramount-WBD entity is uncertain.

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What they’re saying

“You might draw the line at a higher level than where it's drawn in the past,”

— a high-ranking sports executive (CNBC)

“We are prepared for the sports landscape to be shifting, and we will be in the middle of that,”

— Mark Lazarus, Versant CEO (CNBC)

What’s next

The NFL will be looking for a lot more money from its media partners when it begins renewal talks, likely later this year. TNT's MLB and NHL rights are both up after the 2028 season, which could lead to further changes in Paramount's sports strategy.

The takeaway

The potential combination of Warner Bros. Discovery and Paramount could lead to a major reshuffling of sports rights across the media landscape, as Paramount may look to streamline Turner Sports' portfolio and focus on its existing marquee sports properties rather than investing in smaller sports packages.