The PGA Tour Signs Nine-Year Media Rights Deals With NBC, CBS, ESPN+
The PGA Tour officially announced on Monday, March 9th, that they would be extending its rights packages with their current network partners. The Tour signed nine-year deals with NBC, CBS, the Golf Channel, and ESPN+ beginning in 2022 and running through 2030.
While the exact financial terms have yet to be disclosed, it is estimated that the PGA Tour will receive a 60–70% increase in revenue. If those percentages are correct, it means the Tour’s revenue will grow from $400 million annually to $700 million per year.
Under the new deal, both NBC and CBS are expected to keep their set coverage of the weekend FedExCup tournaments. Additionally, NBC plans to cover eight events each season while CBS will average 19 televised events.
The two networks will also alternate coverage of the three FedExCup Playoff events each year, beginning with NBC in 2022, giving them a total of 5 and CBS a total of 4 throughout the nine-year deal.
The Golf Channel will continue its early coverage of all the FedExCup events, as well as the Korn Ferry Tour and the PGA Tour Champions. They will also continue to cover LPGA Tour events while expanding coverage on CBS and NBC for the U.S. Women’s Open, KPMG Women’s PGA Championship, and the AIG Women’s British Open.
ESPN+ obtained streaming rights to the PGA Tour earlier this year. Now PGA Tour Live will move over from NBC Sports Gold, and ESPN+ will expand its coverage to four live feeds covering up to eight groups as opposed to the one feed currently available, which can only show a maximum of two groups.
“Getting back in business with Disney and ESPN is such a tremendous lift,” stated PGA Tour Chief Media Officer Rick Anderson. “A key objective for us was to expand and diversify the audience, and ESPN+ will certainly play a big part in that effort going forward.”
The PGA Tour’s four majors remain untouched under the new deal. NBC has the rights to The Open Championship through 2029, while Fox has the rights to the U.S. Open through 2026. CBS continues to renew its rights to The Masters coverage each year, having hosted the event since 1956. CBS will continue to carry the PGA Championship as it has done for the past 30 years and is set to continue to do so through 2030.
CBS Sports Chairman Sean McManus stated, the new alternating plan allows for “greater consistency in terms of programming and promotion.” McManus also added that under the terms of the new deal, CBS will remain “the predominate broadcast partner of PGA Tour events.”
The PGA Tour agreements are another example of the importance live television is to the foundation of all television networks. MoffettNathanson analyst Michael Nathanson stated in a note to investors, the value proposition is relatively simple: “Live content equals stability, non-live content spells doom.”
Therefore, the new deals are vital to the continued growth of not only the PGA Tour but also live television as a whole.
