On Wednesday, Walt Disney Co. (NYSE:DIS) said ESPN has not yet entered discussions with the NFL about renewing its media rights agreement early, though the company expects its relationship with the league to continue well into the future.
Disney Says NFL Relationship Remains Strong
Speaking during Disney's fiscal second-quarter 2026 earnings call on Wednesday, Disney CFO Hugh Johnston addressed questions about whether ESPN would pursue an early renewal as the NFL reportedly explores reopening media rights deals before existing agreements expire.
Johnston said Disney's relationship with the NFL is "as broad and deep as it's ever been," pointing to ESPN's expanding NFL footprint, including "Monday Night Football," broader league coverage and the addition of NFL Network and RedZone to its distribution portfolio.
"We haven't yet engaged with the league on early renewal conversations," Johnston said during the call. Still, he noted that Disney is not ruling out future discussions.
"We're not dogmatic about the process, and we're always willing to have a conversation with the NFL in an effort to find new opportunities for growth," he added.
ESPN NFL Rights Deal In Focus
The comments came in response to a question from JPMorgan analyst David Karnovsky, who asked how Disney is weighing the possibility of negotiating with the NFL now versus waiting for opt-out windows tied to ESPN's current deal, which runs through the 2030 season.
Earlier in February, NFL Media chief Hans Schroeder said that the league plans to speak with non-traditional media companies about potentially licensing rights to a live NFL game.
Johnston said Disney expects to remain partnered with the NFL "for years to come" and would approach any future agreement with "discipline" while keeping shareholder value in mind.
The executive also highlighted Disney's upcoming Super Bowl year as a major opportunity for both fans and investors.
"We're really looking forward to our year of the Super Bowl and all that it can bring to both all fans and Disney shareholders in the coming year," Johnston said.
Disney Q2 2026 Earnings Beat Estimates
Disney posted adjusted earnings of $1.57 per share for the quarter, topping Wall Street estimates of $1.49 per share. Revenue rose 7% from a year earlier to $25.17 billion, surpassing analyst expectations of $24.76 billion.
Looking ahead to fiscal 2026, Disney said it expects adjusted earnings per share to grow roughly 12%, excluding the impact of a 53rd week. Including the extra week, the company forecasts adjusted EPS growth of approximately 16%.
Price Action: Shares of Walt Disney Co. closed Wednesday up 7.54% at $108.06 and slipped 0.48% to $107.54 in after-hours trading, according to Benzinga Pro.
According to Benzinga Edge Rankings, DIS ranks in the 96th percentile for Growth, with strong short-term price performance despite weaker medium- and long-term trends.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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