Sergei Bobrovsky, #72, of the Florida Panthers celebrates winning the Stanley Cup after their 2-1 victory over the Edmonton Oilers in Game 7 of the National Hockey League's Stanley Cup Final at Amirant Bank Arena in Sunrise, Florida, on June 24, 2024.
Bruce Bennett | Getty Images Sports | Getty Images
The Florida Panthers are headed to a new TV home.
The National Hockey League's Stanley Cup champions have signed a deal to air regular-season games on local broadcast networks in Florida, leaving behind the regional sports television network that has long been their home.
The Panthers, who have appeared in the Stanley Cup Finals for two consecutive years, have signed a multi-year deal with E.W. Scripps This allows the broadcaster to broadcast all locally produced Panthers preseason and regular season games as well as the first round of the playoffs.
The Panthers are also working with Scripps Sports to launch a streaming service, with more details expected to be announced before the start of the 2024 season.
Terms of the deal, which begins next season, were not disclosed.
Professional sports teams are increasingly opting for deals with local broadcasters as regional sports networks' business declines as consumers abandon pay TV for live streaming.
In particular, Diamond Sports Group — owner of Bally Sports Florida, the Panthers' former television home — has been under bankruptcy protection since March 2023.
“After careful review and dialogue, we have reached a mutual agreement with the Florida Panthers to terminate our current television rights agreement,” a Diamond spokesperson said in a statement. “We deeply value the relationships we have built with the Panthers and their fans, and wish them the best. We continue to have productive discussions with the NHL about future arrangements with our remaining contracted team partners and are focused on reorganizing as a sustainable, profitable entity.”
Since declaring bankruptcy, Diamond Sports has terminated numerous contracts with professional sports teams, which have in turn found new homes on broadcast television networks.
It’s a game-changer for the industry. The regional sports network business model has long been lucrative for leagues and teams, with networks paying large fees for the rights to games that aren’t broadcast nationally.
These deals with broadcasters promise a huge increase in reach and audience. Games are now available on broadcast networks to all pay-TV subscribers, as well as free to those with an antenna.
However, while the terms of these deals have not been disclosed, they are unlikely to be as large as those with regional sports networks. The Panthers reportedly renewed their deal with Bally Sports Florida in 2022, doubling the value of the team’s previous 10-year deal, which was worth about $6 million per year.
Last year, Scripps signed a similar deal with the 2023 Stanley Cup champion Las Vegas Golden Knights.
Meanwhile, games from the NBA's Phoenix Suns and Utah Jazz are also being broadcast on local broadcasters, and several broadcasters have expressed interest in becoming the home of professional sports as traditional RSN businesses come under pressure.
There may be other opportunities as well, as Diamond Sports is still working to emerge from bankruptcy protection.
Last month, leagues expressed concerns about Diamond Sports’ future and whether it would be able to come up with a viable business plan ahead of upcoming seasons. Diamond Sports returns to bankruptcy court later this month to seek approval of its reorganization plan.
