The Florida Panthers, the reigning Stanley Cup champions, have secured a new TV home for their regular season games. They have signed a multiyear deal with E.W. Scripps, allowing the local broadcast station owner to televise all locally produced Panthers preseason and regular season games, as well as round one of the playoffs. This move comes as many professional sports teams are opting for deals with local broadcast station owners instead of cable TV regional sports networks. The regional sports network business has been struggling due to consumers leaving the pay TV bundle in favor of streaming.
Diamond Sports Group, the owner of the Panthers’ previous TV home, Bally Sports Florida, has been under bankruptcy protection since March 2023. As a result, they have terminated contracts with several professional sports teams, who have found new homes on broadcast TV networks. This shift marks a significant change in the industry as the regional sports network business model, which has been lucrative for leagues and teams, faces challenges.
By partnering with broadcast station owners, teams like the Panthers can reach a larger audience. Games will now be available on broadcast networks to all pay TV subscribers and for free to those using an antenna. However, while these deals provide increased reach, they are unlikely to generate the same size contracts as those with regional sports networks. The Panthers had reportedly renewed their deal with Bally Sports Florida in 2022, doubling the value of their previous 10-year contract.
Scripps had previously signed a similar deal with the 2023 Stanley Cup champions, the Las Vegas Golden Knights. Additionally, the Phoenix Suns and Utah Jazz of the NBA are also aired on local broadcast stations. This shift towards broadcast stations as homes for professional sports reflects the struggles faced by traditional regional sports networks.
There may be further opportunities for teams to find new homes as Diamond Sports works to exit bankruptcy protection. Last month, concerns were raised about Diamond Sports’ future and its ability to develop a viable business plan. Diamond Sports will return to bankruptcy court later this month to seek approval for its reorganization plan.
In conclusion, the Florida Panthers’ move to a new TV home with E.W. Scripps reflects the broader shift in the sports industry away from cable TV regional sports networks. By partnering with local broadcast station owners, teams can reach a wider audience, although the size of these contracts may not match those with regional sports networks. This change presents both challenges and opportunities for professional sports teams as they navigate the evolving media landscape.
