NBCUniversal and Netflix are both in advanced negotiations with Major League Baseball on new broadcast rights deals that would mark significant shifts in how fans consume the sport, according to a report in the Wall Street Journal.
The report states NBCUniversal is closing in on a three-year pact valued at nearly $200 million annually to air games on both its broadcast network and the Peacock streaming platform. Netflix, meanwhile, is working on an agreement worth more than $35 million annually to stream the league’s annual Home Run Derby through 2028.
While the agreements have not yet been finalized, insiders suggest additional components could push the overall price tag much higher. Executives involved in the discussions believe the new arrangements will ultimately increase the league’s media revenue compared to its previous package with ESPN.
If completed, the NBCUniversal deal would bring baseball back to NBC on Sunday nights during the summer, a slot where the network does not already carry NFL or NBA games. Peacock would also expand its slate of live sports with additional MLB broadcasts, supplementing its portfolio of Premier League soccer, Big Ten football, and Olympics coverage.
NBCU would also secure rights to portions of the postseason, giving its platforms premium October content. These described assets are the ones that ESPN currently holds, but will lose once the network and MLB mutually opted out of their current agreement at the end of this season.
Netflix’s interest in the Home Run Derby underscores the company’s aggressive push into live sports and event programming. The streaming giant, which has previously experimented with live comedy specials and the “Netflix Cup” golf event, would gain a marquee summer property that pairs well with its growing sports documentary lineup.
Both these deals are being discussed while ESPN remains part of the ongoing negotiations. The network, which has a long history with MLB, is reportedly pursuing a deal that could integrate the league’s direct-to-consumer MLB.TV product into its forthcoming standalone streaming service. That agreement could also feature a mix of local-market and national games, giving ESPN more flexibility as it builds its digital future.
ESPN’s existing deal with MLB is set to conclude after the 2025 season. The network had been paying roughly $550 million annually for rights to 30 regular season games, the Home Run Derby, and the Wild Card round. However, it sought to cut costs in its renewal, leading to public friction with MLB Commissioner Rob Manfred, who criticized the network for what he described as “minimal coverage” of the sport outside of live games.
The developments come amid a larger industry trend where live sports have become among the most sought-after assets for media companies. Rights packages provide immediate value to cable and broadcast networks looking to stabilize audiences, while also serving as critical subscriber drivers for streaming platforms.
MLB, NBCUniversal, ESPN, and Netflix have not commented on the report.
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