Media giants led by the Walt Disney Company (NYSE:DIS) and the National Football League are testing pricing power and reshaping media rights strategies as advertiser resistance grows and streaming platforms push into live sports.

Super Bowl Pricing Push Meets Advertiser Resistance

Disney is asking $10 million for a 30-second Super Bowl LXI ad, but that pricing has slowed early demand as marketers push back on the gap between expectations and willingness to pay.

Unlike Fox Corp. (NASDAQ:FOX) (NASDAQ:FOXA) and Comcast Corp. (NASDAQ:CMCSA) NBCUniversal, which typically secure 40% to 60% of inventory before upfronts, Disney has yet to reach similar levels, Variety reported on Friday. The company is also requiring broader spending across its media portfolio, adding friction to negotiations.

Bundled Deals and Broader Media Strategy

Disney is actively negotiating and says demand exceeds supply, but it is struggling to convert interest into firm bookings. The company is bundling Super Bowl ads with assets like “Monday Night Football” and MLB inventory, making deals more complex. It is also leveraging its wider media ecosystem to attract advertisers who may not typically participate in Super Bowl campaigns.

NFL Expands Into Streaming and New Media Deals

The NFL is exploring new monetization paths by engaging streaming and non-traditional platforms. It already tested this strategy by selling a Week 1 game to YouTube, owned by Alphabet Inc. (NASDAQ:GOOGL), for about $100 million.

At the same time, traditional partners, including Paramount Skydance Corp. (NASDAQ:PSKY), NBCUniversal, and Amazon.com Inc. (NASDAQ:AMZN), are preparing for early renewal talks.

The league is also expanding to nine international games and may sell separate media packages, with Hans Schroeder noting, “That’ll be one of the things we look at.”

Disney’s Latest Quarterly Performance

The Walt Disney Company delivered a solid fiscal first-quarter 2026 performance, with steady growth in its sports business led by ESPN, while maintaining a cautious near-term outlook for the segment.

Disney reported adjusted EPS of $1.63, beating estimates, as revenue rose 5% year over year to $25.98 billion. While the Entertainment and Experiences segments drove most of the growth, the Sports segment generated $4.91 billion in revenue, up 1% year over year. The company also noted strong engagement, with ESPN delivering the third most-watched NBA season in the quarter.

Despite stable performance, Disney expects short-term pressure in sports. It projects a $100 million decline in the Sports segment’s operating income in the second quarter, signaling cost or timing headwinds even as demand remains intact.

Disney reaffirmed its full-year outlook for the Sports segment, expecting low single-digit operating income growth in fiscal 2026. The company continues to position ESPN as a key driver within its broader portfolio while focusing on overall profitability and disciplined growth across segments.

DIS Price Action: Walt Disney shares were down 0.12% at $103.78 during premarket trading on Friday, according to Benzinga Pro data.

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