The Florida Panthers, who have reached the Stanley Cup finals two years in a row, have recently made a significant move by signing a multiyear deal with E.W. Scripps. This deal will allow local broadcast networks in Florida to air the Panthers’ preseason, regular season games, and round one of the playoffs. The move marks a shift away from the team’s previous home on a cable TV regional sports network. The terms of this new deal were not disclosed, but it is expected to commence this coming season.
Professional sports teams are increasingly opting for deals with local broadcast station owners, as opposed to regional sports networks, due to the changing landscape of consumer behavior. With more viewers choosing streaming services over traditional pay TV bundles, regional sports networks have faced challenges. For example, Diamond Sports Group, the owner of the Panthers’ former TV home, Bally Sports Florida, has been under bankruptcy protection since March 2023. This has led to a series of terminated contracts with professional sports teams, ultimately leading to a significant industry shakeup.
While deals with broadcast station owners offer increased reach and audience, they are unlikely to match the financial scale of agreements with regional sports networks. The Panthers, for instance, reportedly doubled the value of their previous deal when they renewed with Bally Sports Florida in 2022. Additionally, the move to local broadcast networks opens up new opportunities for other professional sports teams to explore similar partnerships. The NBA’s Phoenix Suns and Utah Jazz, along with the NHL’s Las Vegas Golden Knights, have already ventured into this territory.
Future Outlook
As Diamond Sports works to emerge from bankruptcy protection, the future of the regional sports network business remains uncertain. Industry observers are closely monitoring the situation, with questions about the sustainability and profitability of traditional sports broadcasting models. The upcoming reorganization plan that Diamond Sports presents in bankruptcy court will likely shape the future landscape of sports media distribution. In the meantime, the Florida Panthers’ shift to local broadcast networks serves as a reflection of the evolving preferences of sports fans and the broader media consumption trends.