The Brooklyn Nets and CBS Radio have reached an agreement on a four-year deal where WFAN will not only broadcast Nets games, but will be involved in other Barclays Center events and will share in the promotion and revenue in such events, according to John Ourand of the Sports Business Journal.
“We are thrilled to continue airing Nets games on WFAN-AM/FM and expanding team coverage throughout the season, but we are just as excited about the opportunity of broadcasting other prominent events from Barclays Center, including select concerts, major college basketball and big time boxing, which will re-ignite a popular New York pastime,” Nets & Barclays Center CEO Brett Yormark said.
How much the Nets will earn on this deal was not made public, but the SBJ estimated it at $5 million a year. Here’s more on that:
The Nets deal runs for four years. The companies would not comment on the deal’s value, but industry sources put it at more than $5 million per year. Mason said it costs more than a strict rights deal, especially considering the added college basketball games and boxing matches, not to mention the event promotions. In addition to the broadcast deal, the sides have a revenue share on new business development and potential to create new revenue streams, so company executives say they are reticent to peg a number to the deal.
“If you took on the total top line, it would be far in excess of what a straight rights deal would be,” Mason said. “With a straight rights deal, you’re only talking about the sale of advertising from games on the radio. Now you’re talking about concerts. You’re talking about special events. There are fun things you could do.”
The contract includes college basketball games that take place at the Barclays Center, boxing matches, concerts, and family events like Taste of Brooklyn and a dog show. The Barclays Center and CBS will essentially be co-promoters.
This is certainly an interesting and innovative deal that the Nets have struck. It’s certainly the type that will help them as they try to make their brand one of the elite, not just in New York, but in the entire country. These Nets are not content to just sit back and be another team. They’re out there trying to make things happen.