A published statement from the NBA confirmed that Warner Bros. Discovery (WBD) will lose key rights to broadcast NBA games. The news led to a significant drop in the company's stock, which fell approximately 7% in morning trading on Thursday.
It's a big blow for the media giant, which has broadcast NBA games through its TNT network since 1989. The company was reportedly paying $1.2 billion annually for those rights, which expire at the end of next season.
The loss of those rights also impacts other NBA-related content, such as the popular "Inside the NBA" show hosted by former players Shaquille O'Neal, Charles Barkley and Kenny Smith.
In recent months, Warner Bros. tried unsuccessfully to negotiate a new deal, which ended on April 22. This has led to an intense battle to acquire the media rights, further increasing their value.
On Monday, Warner Bros. $WBD announced that it matched Amazon's $AMZN offer for the rights to broadcast NBA games, in what was seen as a last-ditch effort to…