The contract deal was struck a year early, allowing Warner CEO David Zaslav a win after being bypassed by NBA basketball. The stock jumped.
Warner Bros. Discovery and Charter Communications agreed to a new distribution deal Thursday, shoring up a key revenue source for the beleaguered David Zaslav-run media company. The new pact comes a year before the previous contract was set to expire. The Warner Bros. Discovery chief was motivated to prove his company and its TNT cable channel would do fine despite losing National Basketball Assn. games. Warner Bros.
However, Charter won't pay higher rates for TNT, which already a higher-priced channel due to its sports rights, including NBA and professional hockey. Zaslav declared victory while speaking at a Goldman Sachs investor conference. 'We held price on TNT,' he said. 'There were no channels that were dropped.' He added, 'Overall, it's a great deal for Charter and it's a great deal for us.' The Stamford, Conn.
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