Scripps Sports president Brian Lawlor is confident that Ion will agree to a long-term broadcast rights extension with the WNBA, even if the league raises fees following a recent mega-deal with other networks.
Ion, owned by Scripps, secured WNBA rights in 2023 on a three-year deal at a discounted rate. The league’s viewership has surged, especially with the addition of stars like Caitlin Clark and Angel Reese in the 2024 draft class. Additionally, Team USA’s success in the Paris Olympics has brought more attention to women’s basketball, which is positive for a company facing challenges elsewhere.
Scripps closed trading at $2.37 on Friday after a decline, reflecting struggles in meeting estimates and a decrease in revenue. Despite these challenges, the company is hopeful for record political advertising revenue. Scripps ended the quarter with $26.7 million in cash and total debt of $2.9 billion.
Under the current contract, Scripps pays the WNBA $13 million annually, with Ion broadcasting up to 25 games each year through 2025.
Lawlor emphasized Ion’s value to the WNBA and the league’s visibility, expressing confidence in their partnership. Despite potential increased costs for rights, Lawlor believes Ion will continue to be a key partner for the league.
Scripps highlighted Ion’s women’s sports broadcast rights packages as a key factor in advertising sales, recognizing it as a differentiator in the market.
With a focus on reaching as many fans as possible through free TV and streaming, Ion relies on advertising revenue to offset costs. The growth of women’s sports necessitates increased advertising investment.
The WNBA’s new TV agreement with NBC, ESPN, and Amazon signals the league’s growth, with a significant revenue increase expected. Scripps is in discussions for a separate broadcast package beyond 2025.
The optimistic outlook for women’s sports indicates a potential increase in spending for Scripps to extend its relationship with the WNBA, supported by the upcoming launch of a new studio in Atlanta.
Lawlor anticipates a strong finish to the WNBA season and continued growth in ratings and revenue, highlighting the excitement for the playoffs and the potential for future success.
(This story has been updated in the third paragraph with Scripps’ final stock closing price.)
