The NFL Will Bleed Cable Dry Before Tech Takes Over TV

When it comes to television, there is only really one show that truly matters: the NFL. Programs that win awards and have robust viewership are nice. But they're icing on the cake. The NFL is the cake. Everyone already knows this stat, but it's no less incredible: of the top 20 most-watched programs last year, either 18, 19, or all 20 were NFL games (there's some discrepancy in various ratings).

Which is to say that the NFL has an insanely strong hand when it comes to rights negotiations. Either you have an NFL package or you're simply not a player. It's undoubtedly part of the reason why Warner Bros Discovery had to sell. Yes, they were silly in fumbling their NBA rights, but it's the lack of NFL rights that kills them – or, specifically, keeps their networks shrinking. Their buyer, Paramount Skydance, of course, owns CBS. And CBS owns an NFL package. It's their most important asset. They can leverage it. And boy are they!

And actually, because of the earlier deal which saw Skydance take over Paramount, a change-of-ownership clause was triggered that allows the NFL to renegotiate that package even though the deal isn't up yet. And that, in turn, is going to lead to every other NFL rights holder renegotiating their rights. They technically don't have to, but what are they gonna do, tell the NFL no? Good luck on that next rights negotiation in a few years...