Netflix, Comcast Near MLB Deals, Report Says. The Sports Streaming War Is Ramping Up.

Los Angeles Dodgers designated hitter Shohei Ohtani would be among the stars streamed to users’ devices. (Justin Edmonds/Getty Images)

Comcast NBCUniversal and video streaming giant Netflix are nearing deals with Major League Baseball, The Wall Street Journal reported on Thursday, as the battle for live sports rights heats up.

NBCUniversal is in advanced talks to carry games on NBC and its Peacock streaming platform in a three-year agreement approaching $200 million annually, people familiar with the matter said.

Netflix is close to a deal to stream the T-Mobile Home Run Derby, an annual home-run hitting competition between some of the league’s most powerful batters, other people familiar with the matter told The Journal. The agreement would be valued at more than $35 million a year and run through 2028.

Comcast stock climbed 0.9% on Thursday, and was up another 1% on Friday. Netflix shares slid 0.6% Thursday, and were down 0.1% in early trading on Friday.

It’s no surprise the two entertainment powerhouses are taking a swing at the MLB as the next phase of the streaming wars heats up. Media companies have signed a flurry of sports rights deals over the past year in a bid to drive more users to their streaming platforms.

Netflix made its first foray into live sports in late 2024, broadcasting the boxing match between Jake Paul and Mike Tyson and the National Football League’s Christmas Day games. It started broadcasting WWE owner TKO Group Monday Night Raw wrestling show in January.

Other big entertainment players are being aggressive, too. Just days after Paramount and Skydance merged, the new company unveiled a seven-year deal with TKO that will give it exclusive U.S. media rights to all Ultimate Fighting Championship events. Paramount Skydance shares have surged since then, in a rally that has reminded some on Wall Street of the 2021 meme-stock craze.

Write to George Glover at george.glover@dowjones.com