Skydance's $6.6 Billion Sports Empire: What Gets Sold?
After its mega-merger creating an $80 billion debt load, Skydance Media faces scrutiny over its 36 sports-rights deals costing over $6.6 billion a year, with Big Ten football, NASCAR and the French Open reportedly on the block.
Following David Ellison's merger of Paramount with Warner Bros. Discovery, the combined Skydance entity has emerged as the largest holder of premium sports media rights in the United States, with more than 36 agreements covering properties including the NFL, MLB, NHL, WNBA, UFC, PGA Tour, March Madness and NASCAR. Industry estimates put the total annual cost of these rights at north of $6.6 billion. However, the company is carrying approximately $80 billion in debt, and a renegotiation of its NFL deal is expected before the 2027 season — with the league likely to demand significantly higher fees than the existing 2021 arrangement, which was valued at $110 billion through 2033. The league is expected to exercise an opt-out clause with most partners, including CBS, after the 2029 season. Sources told The Ankler that Skydance is exploring offloading its less valuable properties, with Big Ten football ($350 million per year), NASCAR ($100 million per year), and the French Open ($65 million per year) — a combined $515 million in potential annual savings — identified as candidates for divestment. One source cautioned that "the ink on the merger deal is still drying," suggesting no firm decisions have been made. Skydance declined to comment.
