Skydance Merges CBS Sports and TNT Sports After Deal

Skydance is preparing to combine CBS Sports and TNT Sports after Paramount and Warner Bros. Discovery joined under one company, with the merged sports division expected to reduce costs, review media rights and reshape operations as part of a broader integration effort.

According to Puck sports correspondent John Ourand, Skydance has committed to finding about $6 billion in synergies from the merger. The company is expected to eliminate overlapping roles across the two sports businesses.

A top sports business executive told Ourand the CBS Sports and TNT Sports combination will face major disruption during the restructuring process.

"Everybody assumes it’s gonna be a bloodbath," said a top sports business executive, according to John Ourand.

The executive also discussed the approach expected from David Berson, the CBS Sports president who will lead the combined sports entity. The executive said transparency would be important as the final structure develops.

"David’s role at first is to be honest with his people, and not hide. And over the next month or two, the final entity will start to take shape," said a top sports business executive, according to John Ourand.

Ourand reported that the merged company could evaluate several TNT Sports rights agreements signed after the network lost the NBA. Those deals include a College Football Playoff sublicense with ESPN through 2028, a Big 12 football and basketball sublicense through 2031, and a 10-year French Open agreement ending after the 2034 event.

The combined company already holds major sports properties including the NFL, March Madness, UFC and the Masters, which Ourand described as unlikely to be affected. TNT Sports' MLB and NHL packages could also face review, with both agreements expiring in 2028 and costing more than $700 million annually.

LightShed Partners analyst Rich Greenfield told Ourand that Skydance may have more sports rights than it needs after the merger.

"The reality is that Skydance probably has more sports rights than it needs," said Rich Greenfield, LightShed Partners analyst.

Greenfield explained that TNT Sports' efforts to replace the value lost after its NBA departure may no longer match Skydance's needs following the merger.

"All of the things that TNT Sports was doing to scramble to fill the hole that the NBA left—Skydance doesn’t need those rights anymore," said Rich Greenfield, LightShed Partners analyst.

Ourand reported that Skydance's sports strategy will not only focus on cuts. The company is expected to prioritize rights that can support streaming growth, including possible international expansion efforts for Paramount+.