Paramount is reportedly having discussions with private equity firms regarding a potential bid for Warner Bros. Discovery; FanDuel Sports Network reaches extensions with two NHL teams; and iHeartMedia is engaging in layoffs. Plus news on Adrian Wojnarowski, Mark Schlereth, Ryan Callahan and Jason Fitz.
Paramount reportedly discussing WBD bid with private equity firms
Paramount is reportedly in discussions with private equity firms regarding its potential bid to purchase Warner Bros. Discovery, a deal that could cost more than $60 billion, according to Charles Gasparino of the New York Post. Investors said to be in discussions include Apollo Global Management, which made a $26 billion offer for Paramount before Skydance Media ultimately won the bid. Lucas Shaw of Bloomberg added that Paramount has also had discussions with Legendary Entertainment, a production company in which Apollo holds a significant stake.
Sources cited by Gasparino indicate that Apollo appears to be the leading contender. Blackstone is said to have considered and decided against helping to finance the bid. Insiders claim that Oracle co-founder Larry Ellison, father of Paramount Skydance CEO David Ellison, is said “to have a limited appetite for media deals.”
A potential bid of Warner Bros. Discovery would reportedly include the company’s streaming and studios division and its linear cable networks, which are set to split into two publicly traded companies next year.
The market capitalization for Warner Bros. Discovery rose by 29% to $40.03 billion on the day the initial report was published, and it has continued to rise since, now exceeding $46 billion. WBD CEO David Zaslav, who has publicly stated that he expects the split into Warner Bros. and Discovery Global to be completed sometime in April next year, is reportedly seeking more than $30/share for the streaming and studio unit.
FanDuel Sports Network extends agreements with Blue Jackets, Wild
The Columbus Blue Jackets and Minnesota Wild have reached extensions of their media rights agreements with Main Street Sports Group, it was announced Tuesday. Under the deals, games will remain on FanDuel Sports Network RSNs as the company enters the season with seven NHL teams in its portfolio.
The renewals take place as several franchises have opted to walk away from the RSN model and instead place their broadcasts on a combination of over-the-air television and direct-to-consumer streaming. Scripps Sports has acquired local rights for franchises such as the Vegas Golden Knights, Florida Panthers and Utah Mammoth, while the Victory+ streaming service offers access to Dallas Stars and Anaheim Ducks game broadcasts. Some teams such as the Washington Capitals and Chicago Blackhawks decided to launch new RSNs themselves rather than partnering with outside companies.
But teams continue to reach new deals with FanDuel Sports Network. The Brewers opted to remain with the RSN for the recently-competed MLB regular season after initially agreeing to cede local right to MLB, and as Sports Business Journal writer Tom Friend reported in May, five NBA teams chose to opt in to their current agreements with FanDuel Sports Network for the 2025-26 season.
Under former ESPN executive Norby Williamson, now president of production, FanDuel Sports Network has introduced an assortment of changes in recent months. That includes launching new shows “Countdown Live” and “Golic & Golic,” centralizing some production elements in a Denver, Colo., hub, and changing the company’s management structure.
iHeartMedia layoffs hitting sports talk radio
iHeartMedia is in the midst of another round of layoffs ahead of its quarterly earnings call, and the cuts are affecting various sports talk stations. Steve Czaban, morning drive co-host at 97.3 The Game, has been let go, according to Rich Kirchen of Milwaukee Business Journal. In addition, program director Tim Scott, along with hosts Brian Butch and Matt Schneidman, are also out at the sports talk outlet, per Barrett Media, which also reported that the station is shifting to a music format.
Morning show host Sean Salisbury, best known for his long run with ESPN, announced that he is departing SportsTalk 790 in Houston after eight years. Salisbury posted on social media Wednesday that he “fully understand[s] the financial decisions that corporate has to make.” Midday host Tony Pike of ESPN 1530 Cincinnati also shared Wednesday that his time with iHeartMedia had reached its conclusion. Pike had previously hosted “Cincy 360” with Austin Elmore, who remained on the airwaves for Wednesday’s show. Sean Brace, program director and host at Fox Sports The Gambler in Philadelphia, also revealed that he is no longer with iHeartMedia.
These cuts are the latest in sports talk radio, following layoffs last November that included John Kuhn at 97.3 The Game and Stan Norfleet at SportsTalk 790. Other sports stations around the country that experienced layoffs last fall consisted of Rip City Sports Radio 620, FOX Sports 910 Phoenix and KOA Denver.
They also occur a few weeks after the contracts of iHeartMedia CEO Bob Pittman and president/COO Rich Bressler were reportedly extended through 2029. iHeartMedia reported Q2 adjusted EBITDA of $156 million, a 3.9% YoY increase, and said that it would finish between $180 million and $220 million for Q3. Broadcast radio revenue declined by 7% to $396 million, but Pittman said that advertiser momentum gave the company “added confidence” that its plan to bring the multiplatform group back to revenue growth was “on the right track.”
Plus: Adrian Wojnarowski, Mark Schlereth, Ryan Callahan, Jason Fitz
- St. Bonaventure men’s basketball GM and former ESPN senior NBA insider Adrian Wojnarowski will host a new weekly YouTube series titled “The Program with Woj,” according to a report from Andrew Marchand of The Athletic. The show will look to raise money for the NIL at the university, and it is going to be produced by In the Arena Studios.
- Fox Sports analyst Mark Schlereth is expected to fill in for Mark Sanchez this Sunday on Fox coverage of the matchup between the Seattle Seahawks and Jacksonville Jaguars, according to Richard Deitsch of The Athletic. College football analyst Brady Quinn joined the broadcast last week on short notice alongside play-by-play announcer Chris Myers and reporter Kristina Pink.
- Former New York Rangers captain Ryan Callahan said Tuesday that he is stepping away from ESPN after four years with the network. Callahan, who worked as an analyst on its NHL coverage, shared that he wanted to spend more time with his family and was tuning in for opening night coverage.
- Yahoo Sports has signed host and analyst Jason Fitz to a contract extension, continuing his tenure with the network taking part on “Yahoo Sports Daily” and “Fantasy Football Live,” it was announced Tuesday. Fitz, a former ESPN television and radio personality, joined Yahoo Sports in 2023 where he has provided insight and perspective on the NFL and college football.
