Comcast (NASDAQ:CMCSA) has cut off 15 regional sports networks offered by Bally Sports, signaling a rising dispute with their distributor. This blackout will affect the broadcast of baseball games played by a dozen Major League Baseball (MLB) teams across nine states.
Dispute Between Comcast and Diamond Sports Group
Diamond Sports Group, which distributes the networks under the Bally name, called the blackout “disappointing” and accused Comcast of refusing to “engage in substantive discussions.” Comcast stated that Diamond declined many of its offers, including an offer to allow Diamond to unilaterally renew its existing agreement with the media conglomerate for a year.
As a result, Comcast said it had no choice but to cut off sports broadcasts. The company added that it will be crediting its customers for the costs associated with the blacked-out broadcasts every month in the range of $8 to $10.
What Is the Price Forecast for CMCSA Stock?
Analysts remain cautiously optimistic about CMCSA stock, with a Moderate Buy consensus rating based on eight Buys and six Holds. Year-to-date, CMCSA has declined by more than 10%, and the average CMCSA price target of $47.94 implies an upside potential of 24.9% from current levels.
