In a deal that will be announced later this week, CBS Radio has bought the rights to a multi-event Barclays Center package that includes all Brooklyn Nets games, college games, boxing matches, and more. Along with carrying the games (CBS has carried Nets games since 2004), the deal gives CBS the rights to co-produce and co-promote events with Barclays Center, sharing the revenue.
“We are thrilled to continue airing Nets games on WFAN-AM/FM and expanding team coverage throughout the season, but we are just as excited about the opportunity of broadcasting other prominent events from Barclays Center, including select concerts, major college basketball and big time boxing, which will re-ignite a popular New York pastime,” Nets & Barclays Center CEO Brett Yormark said in a prepared statement.
The deal, reportedly four years at roughly $5 million per year, is the first of its kind. From the Sports Business Journal:
In addition to the broadcast deal, the sides have a revenue share on new business development and potential to create new revenue streams, so company executives say they are reticent to peg a number to the deal.
“If you took on the total top line, it would be far in excess of what a straight rights deal would be,” Mason said. “With a straight rights deal, you’re only talking about the sale of advertising from games on the radio. Now you’re talking about concerts. You’re talking about special events. There are fun things you could do.”
The deal includes college basketball games from Barclays Center that are produced as part of the Brooklyn Hoops presented by Ticketmaster franchise and boxing matches as part of the Brooklyn Boxing powered by Golden Boy Promotions franchise.
The two also plan to create concerts, as well as other events, ranging from something like a Taste of Brooklyn to a dog show. The two companies would act as co-promoters on these types of events and share the revenue.
CBS recently signed the Yankees to a ten-year deal worth $150 million and their $7 million contract with the Mets expires this year, so from an outsider’s standpoint, $5 million per annum seems a bit low for the rights to this much of Barclays Center’s promotions. (It’s also worth noting that the $5 million figure is unofficial and could be incorrect.)
For you mid-day listeners, the Joe & Evan show — run by Joe Benigno and friend of The Brooklyn Game Evan Roberts — will now include a weekly “Brooklyn Nets Report” segment, surely to Evan’s delight.
Sports Business Journal — CBS Radio-Nets deal far more than rights