Paramount extends its tender offer deadline in its quest to acquire Warner Bros. Discovery; Netflix is boosting its content spending; and Robert Kraft discusses a potential 18-game NFL schedule. Plus news on the Los Angeles Dodgers, Laura Rutledge, NBC Olympics and Molly Qerim.
Paramount addresses Discovery Global debt, extends tender offer
In a proxy filing Thursday, Paramount argued that the WBD spinoff company Discovery Global — which would consist of the TNT Sports networks of TNT, TBS and truTV — has a weaker portfolio of sports rights than Versant, the Comcast spinoff consisting of USA Network, Golf Channel and CNBC. “Versant has significantly greater exposure to live news and sports programming – which we believe represents the highest-value category within pay television – accounting for approximately 62% of Versant’s audience vs. approximately 20% for Warner Bros., underpinned by Versant’s robust portfolio of sports rights, whereas Warner Bros. lost its anchor NBA rights in 2025 and likely faces limited capacity to reinvest in marquee sports given its higher leverage,” Paramount wrote in the filing.
But while WBD lost its NBA package in 2025, it owns rights to two of the “Big Four” sports leagues in the NHL and Major League Baseball, plus half of both the NCAA men’s basketball tournament and College Football Playoff. While Versant-owned networks will continue to carry the Olympic Games via an arrangement with NBCUniversal, plus NASCAR and the WNBA, the company lacks any “Big Four” sports rights and has considerably less college football inventory.
The latest Versant comparison was part of a filing Paramount issued on Thursday regarding its tender offer for Warner Bros. Discovery, part of which addressed the debt that would sit with Discovery Global. The company previously argued that Discovery would hold no equity value and that it “could trade with up to ~$0.50 per share of embedded M&A option value.”
Paramount argues that the amount of debt carried by Discovery Global will ultimately determine the actual value of the Netflix bid of $27.75/share for the WBD streaming and studios division, potentially diminishing the value of that bid to as low as $21.40/share (in the unlikely hypothetical where WBD decided that the spinoff company would carry no debt at all). Paramount also extended its tender offer to acquire all of WBD to February 20.
Netflix to boost content spending by about 10%
Netflix plans to increase its content spending by about 10% this year, a move that per John Ourand of Puck has sports leagues “salivating.” The streamer recently surpassed 325 million paid memberships and possesses an estimated audience “approaching one billion people globally.”
Over the next several months, Netflix will begin a new three-year deal with Major League Baseball to carry a standalone Opening Night game, the Home Run Derby and other special events such as this year’s MLB at Field of Dreams Game. Netflix will also air the World Baseball Classic in Japan.
In the new fiscal year, Netflix is projecting revenue of $50.7-$51.7 billion with a two-point gain in its operating margin. In addition, the company expects advertising revenue “to roughly double.” The media conglomerate finished the year with $45.2 billion in revenue (+16% YoY) and an operating margin of 29.5% (2.8-point increase YoY). Of course, the planned Netflix acquisition of streaming and studio assets from Warner Bros. Discovery for $27.75/share remains subject to regulatory review.
Netflix co-CEO Greg Peters also revealed during an earnings interview on Tuesday that Netflix has been testing vertical video features for about six months. The streamer has integrated vertical video into its mobile platform, and Peters said that the company could include various other content forms within that feed. This could potentially include video podcasts. Netflix recently introduced a slate of sports podcasts, including The Bill Simmons Show and Barstool-produced series.
Kraft outlines possible 18-game NFL regular-season schedule
New England Patriots owner and NFL media committee chairman Robert Kraft is floating the possibility of expansion to an 18-game schedule that would see each team play an international game each year. The move would be facilitated by reducing the preseason schedule to two games, much as the 17-game schedule was formed in part by cutting the preseason from four-to-three games. Kraft discussed the plan in an interview with “Zolak & Bertrand” on 98.5 The Sports Hub on Tuesday from Gillette Stadium.
“[P]art of the reason is so we can continue to grow the cap and keep our labor happy because we’re sort of getting near the top here with the coverage,” Kraft said. “What? Ninety-three of the top hundred programs on television are NFL games. Think about that. It’s really amazing.” Kraft proceeded to cite the Wild Card round matchup between the Green Bay Packers and Chicago Bears that averaged 31.61 million viewers on Prime Video, breaking a new record for the most-streamed NFL game in history. Continued revenue growth, he said, would lead to long-term labor health.
In an interview on NFL Network this past September, NFL commissioner Roger Goodell said that the league had its “eyes set on being 16 games internationally every year.” NFLPA interim executive director David White said to the Associated Press earlier that month that an 18-game season “certainly is not inevitable and should not be presented as such.” The ongoing labor deal between the NFL and NFLPA continues through 2030, but it remains unknown if the two sides would be willing and/or able to reach an accord on this matter before that time.
Plus: Los Angeles Dodgers, Laura Rutledge, NBC Olympics, Molly Qerim
- The Los Angeles Dodgers are contributing 10% of their local media rights revenue to the league’s revenue sharing pot rather than the general rate of “roughly one third” for “big-market teams” thanks to a “fair market value” exception agreed to by MLB in federal court when the franchise was bankrupt, according to journalist Joon Lee. Per Lee, the exception does not expire until 2039, coinciding with the end of the Dodgers’ local television deal with Spectrum.
- ESPN host/reporter Laura Rutledge will be on the network’s Super Bowl broadcast next season, it was confirmed by her agent Matt Olson on a recent edition of “The Sports Media Podcast.” Rutledge joined the “Monday Night Football” team on a full-time basis this year in the reporting role, working alongside Joe Buck, Troy Aikman and Lisa Salters, and Olson said that her being part of the Super Bowl broadcast is contractual.
- NBC Olympics is going to present an hour-long preview show, titled “Ice, Snow & Glory: The Winter Olympics,” on Thursday, Feb. 5, the night before the Opening Ceremony. Rebecca Lowe will be anchoring the program, and it will include segments featuring various commentators and athletes, such as Simone Biles, Shaun White, Lindsey Vonn and Mikaela Shiffrin.
- Former ESPN “First Take” host Molly Qerim will host Zuffa Boxing coverage on Paramount+, the promotion announced late Thursday. Qerim will make her debut Friday working with former boxer Antonio Tarver, reporter Mark Kriegel and insider Mike Coppinger, and the announcing team also features her former ESPN “First Take” colleague Max Kellerman.
