PGA, Turner Sports Extend Golf Broadcasting Deal Through 2019 25/06/2009 |
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Time Warner Inc.’s Turner Sports and the PGA of America extended their broadcasting and interactive- media agreement through 2019, including a new licensing deal involving Cartoon Network Enterprises.
Turner Sports and the PGA said in a statement that the TNT network will continue complete Thursday and Friday coverage and early coverage of the final two rounds of the PGA Championship, the last of the year’s four major golf tournaments, and complete coverage of the PGA Grand Slam of Golf, which includes the winners of the four majors. Both sides declined to discuss financial details of the agreement.
The Cartoon Network deal will “keep golf relevant and connect golf with the young people in America,” Joe Steranka, chief executive officer of the Palm Beach Gardens, Florida-based PGA, said in a telephone interview yesterday.
Steranka and David Levy, Turner Broadcasting System Inc.’s president of sales, distribution and sports, said that the licensing probably would extend to apparel, club-head covers and other golf accessories. Turner also will continue to manage PGA.com and RyderCup.com, including video content, ad sales and distribution.
According to company filings, New York-based Time Warner’s cable networks, including TNT and TBS, generated about 37 percent of revenue in 2008, excluding sales from Time Warner Cable Inc., which was spun off this year.
Time Warner rose 24 cents to $24.79 yesterday in New York Stock Exchange composite trading. The stock has climbed 11 percent this year.
(Source: Bloomberg)
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