Television

Netflix will have exclusive streaming coverage of next season’s Opening Night matchup between the Yankees and Giants, reports Andrew Marchand of The Athletic. Those teams will kick off the season with a standalone game at Oracle Park on Wednesday, March 25. Everyone else’s season will begin the following day, aligning with MLB’s usual practice of opening on the final Thursday in March.

That’s not the only significant get for Netflix. Marchand reports that the streaming corporation will also get the Home Run Derby for the next three seasons and share broadcasts of a few special location games (e.g. Field of Dreams, Rickwood Field) with NBC. Netflix and MLB are signing a three-year deal which Marchand reports will pay the league roughly $225-250MM annually.

Opening Night and the Home Run Derby were previously part of MLB’s long-running deal with ESPN. That collapsed in February when both sides opted out of the contract for the 2026-28 seasons. ESPN sought to renegotiate at a lesser rights fee. MLB instead partitioned the package — which included the Derby, Sunday Night Baseball, and the Wild Card round — and has hammered out a few smaller deals with different companies.

Marchand reported last month that Netflix was making a bid for the Derby, and they’ve apparently reached that agreement. He adds today that NBC and its streaming service Peacock will pick up Sunday Night Baseball and the Wild Card round from 2026-28. (ESPN will still have next week’s first round as part of the final season of the previous agreement.) NBC is also expected to pay around $225-250MM per season on a three-year contract.

There’ll also be a change to the regular season games on Sunday mornings. Roku has carried those since early 2024. Rob Tornoe of The Philadelphia Inquirer reported last month that NBC, which had carried those games on Peacock from 2022-23, would reacquire those rights. Roku’s deal ran through the end of 2026. It’s not clear if Peacock will pick those broadcasts up a year early or wait until the ’27 season.

ESPN will also remain a partner of the league on a much bigger deal. Marchand reported in August that the broadcaster was nearing agreement with MLB to license the rights to teams’ out-of-market games, which have been part of the MLB.tv package. ESPN also gets in-market rights for the Rockies, Twins, Diamondbacks, Padres and Guardians — the five clubs whose broadcasts have been handled by the league since their regional TV deals collapsed. ESPN also gets 30 exclusive national games to replace what it lost on Sunday nights; those games will now be on weekdays.

That’s also a three-year arrangement. Marchand reports that ESPN will pay the league $1.65 billion in total — matching the $550MM annual sum it would have paid for Sunday nights, the Derby, and the Wild Card round had it not opted out.

It’s not a coincidence that all these deals run through 2028. MLB’s preexisting contracts with Fox (which carries the World Series, the ALCS, the ALDS, and the All-Star Game) and Turner (which has the NLDS and NLCS) also expire at the end of the ’28 season. Commissioner Rob Manfred has expressed a desire to acquire the local in-market rights for every team by that point. That would give MLB the opportunity to shop virtually everything going into 2029.

Back in February, Major League Baseball and ESPN opted out of the final three years of their contract together. That deal is still in place through 2025, with ESPN carrying this year’s rights to Sunday Night Baseball, the Home Run Derby and the Wild Card round of the playoffs, but the rights for those events are up for grabs for the 2026-28 seasons. In May, it was reported that NBC had made an offer on that package.

Now it appears that the package may be split up and sold in separate parts, per Andrew Marchand of The Athletic. Nothing is finalized yet but Marchand reports that the league is in negotiations with several different broadcasters about the pieces that ESPN is currently carrying. He says that NBC/Peacock and Apple TV+ are the frontrunners for Sunday Night Baseball and the playoff games, while Netflix seems likely to get the Derby. ESPN, meanwhile, could stay in the baseball broadcast business by picking up some weekday games. Marchand adds that ESPN has interest in MLB.TV but doesn’t indicate if that interest is reciprocal. John Ourand of Puck also reports that Netflix is hoping to acquire the Japanese rights for the 2026 World Baseball Classic.

Breaking up broadcast rights into pieces is nothing new for the league. They have had deals with many broadcasters over the years and currently have deals in place with ESPN, Fox, ABC, TBS, Apple and Roku. Peacock/NBC had the rights to the early Sunday game not too long ago, before Roku took over that slot.

MLB was set to receive about $550MM annually from the ESPN deal. ESPN was looking to renegotiate, pointing out that Apple is only playing $85MM for its Friday night rights while Roku is only forking over $10MM annually. The ESPN package has more appeal. Like Apple and Roku, they get one game per week, but there’s only one game on Sunday nights while Apple/Roku have competition from the other contests. The Derby and the playoff games obviously make the package more valuable. Still, ESPN didn’t feel the price gap was appropriate. Per the May reporting linked above, ESPN was willing to pay about $200MM per year but not more.

MLB evidently felt it could beat that $200MM and perhaps may do so by splitting up the package into pieces. Time will tell if they can succeed. As mentioned, these deals are still being negotiated and Marchand doesn’t provide any specifics about the numbers being discussed.

One thing that has been consistent in stories about broadcast deals is that MLB doesn’t want to sign anything beyond 2028. Multiple reports have indicated that the league’s various broadcast deals expire after the 2028 season. As various clubs saw their regional deals collapse with Diamond Sports Group, now known as Main Street Sports, some re-signed but always on short-term deals. It seems the league hopes to be able to market a very large package, or packages, of broadcast components to various companies for the 2029 season and beyond. Marchand reports that the current negotiations are consistent with that approach, with nothing beyond 2028 being discussed.

There are many moving parts and it’s a notable situation to monitor going forward. Broadcast revenue is naturally a huge part of the game’s economic landscape and there could be many twists and turns in the coming years. The baseball world is expecting a lockout in the 2026-27 offseason, once the current collective bargaining agreement expires. Many believe that commissioner Rob Manfred and the owners would like to push the MLB Players Association to get a salary cap. A staredown between the league and the union could lead to cancelled games in 2027.

Manfred and the owners would have to balance their desire for that cap against their leverage in these deals. MLB has seen an uptick in popularity lately, including increased viewership ratings, often attributed to pace-of-play rule changes such as the pitch clock. Having that momentum would help the league in negotiations with broadcasters but a lengthy work stoppage and missed games would almost certainly hurt baseball’s popularity and cut into the league’s leverage in broadcast negotiations.

In February, MLB and ESPN each triggered an opt-out clause in their broadcasting agreement for the 2026-28 seasons. That means that as things stand, this is ESPN’s final year carrying MLB games. The network carries an exclusive regular season game every Sunday night, the Home Run Derby, and the Wild Card round of the postseason.

Joe Flint and Jared Diamond of The Wall Street Journal report that NBCUniversal, a subsidiary of Comcast, made MLB an offer this month for the package of games from which ESPN walked away. The length of the offer isn’t clear, nor are specifics on the rights fees. However, The Wall Street Journal reports that NBC’s offer was for “much less” than what ESPN currently pays. In February, Evan Drellich and Andrew Marchand of The Athletic reported that ESPN would have owed $550MM annually for the 2026-28 seasons had it not opted out.

Obviously, ESPN determined that price was above market value when it opted out. The network said at the time that it was “open to exploring new ways to serve MLB fans across our platforms beyond 2025.” Diamond and Isabella Simonetti of The Wall Street Journal reported in March that ESPN had indicated it was willing to pay a maximum of $200MM per season during renegotiations leading up to the opt-out date. MLB balked, and the sides agreed to terminate the contract after this season. NBC’s offer is evidently for well below $550MM per year. It’s unclear if it tops the $200MM annual sum which ESPN had floated.

ESPN has carried Sunday Night Baseball since 1990 and the Home Run Derby since ’93. It has broadcast the Wild Card round since that was introduced with the expanded playoff in the 2022 collective bargaining agreement. It seems NBC is interested in acquiring all three of those, though Flint and Diamond write that NBC is not pursuing international/radio rights or access to highlight clips that ESPN currently receives (partially justifying the lower bid).

NBC has an agreement with the National Football League for its Sunday Night Football slate. Last July, it reached an 11-year contract with the National Basketball Association for a package of 100 regular season games and the NBA All-Star Game. (That goes into effect during the upcoming basketball season.) According to The Wall Street Journal report, the network would stream some of its MLB games on its Peacock service when those games conflict with its other live sports. Those interested in the topic are encouraged to read the Wall Street Journal’s report in full.

Major League Baseball is reportedly discussing the possibility of licensing the streaming platform MLB.TV. Per a report from Andrew Marchand of The Athletic, the league has discussed the possibility in talks with broadcasters/streamers. It’s unclear how MLB.TV consumers would be impacted if any deal is struck.

There are several moving parts in the league’s media strategy, most of them connected to the gradual pivot from regional sports networks (RSNs) to direct-to-consumer streaming. RSNs have been a massive part of the league’s business model for years but that has been chipped away at recently. Prior to streaming, many people ordered cable bundles which included baseball broadcasters, even if they didn’t watch the sport much. This was a big part of each club’s annual revenue streams and in some cases still is.

But with cord cutting and streaming, the league and teams have had to adjust. Main Street Sports, formerly known as Diamond Sports Group, was in bankruptcy for much of the past two years. They recently emerged from that status but with a smaller portfolio of MLB clubs under contract. Going into 2025, there are five teams that have no RSN deal and have MLB handling their broadcasts and streaming: the Guardians, Twins, Padres, Diamondbacks and Rockies.

Even the clubs that still have deals with Main Street aren’t committed for the long haul. It’s been reported that none of the current contracts go beyond 2028. MLB’s national deals with Fox and Turner are also set to expire after 2028. The same was true of ESPN, though that deal recently fell apart when both sides agreed to opt out, though ESPN is still broadcasting games through the 2025 season.

In addition to TV broadcasts, most clubs also have a direct-to-consumer streaming option of some kind. This week’s report from Marchand indicates that there are only three club that don’t have such a product available: the Astros, Nationals and Orioles.

MLB.TV has been around for decades, offering baseball fans the chance to pay one fee for the opportunity to stream all games, with some exceptions. Certain games have been carved out of MLB.TV if offered as exclusives on other platforms, while local blackout rules have also been in effect.

The hope of the league and commissioner Rob Manfred is that they can move away from blackouts, even in some sort of large package that resembles MLB.TV. There will be challenges in accomplishing that. Some teams still have very profitable RSNs and many of them are owned in whole or in part by the club itself. Such clubs would be reluctant to lumping their product together with less-popular clubs and effectively sharing their revenues.

There are many factors at play and the league is seemingly trying to get many buyers at the table. Back in November, Evan Drellich of The Athletic reported on the league’s long-term plans for getting a big deal done a few years down the road. He noted that executives from Apple, Amazon, CBS, Disney/ESPN, DirecTV, Fox, Netflix, NBC/Peacock, Roku, YouTube and Warner Bros.-Discovery were all present at the World Series.

MLB is seemingly open to various offers, perhaps from multiple companies. In recent years, they have split up their rights to companies like Fox, ESPN, Turner, Apple, Roku, YouTube and others, in addition to the local RSNs. It’s unclear exactly how MLB.TV would also fit into a new arrangement but it’s possible that the league could license it alongside other rights as part of a larger package. If a platform did license the rights, they might then market MLB.TV to consumers with other baseball games or even other sports, depending on the company and their portfolio. Speculatively speaking, Apple could license MLB.TV and then sell it to consumers but also include the Apple Friday Night Baseball games that currently aren’t available to MLB.TV subscribers. More information is likely to come out over time.

Photo courtesy of Rick Osentoski, Imagn Images