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The Trump administration appears to be launching a sweeping investigation into the most valuable programming in all of television: games from the National Football League.
Earlier this year, the FCC opened a public notice review of the sports streaming market, due to concerns that more and more sports are leaving broadcast television and putting their games exclusively on streaming platforms.
And Thursday The Wall Street Journal It was reported that the Department of Justice is investigating the NFL over whether it engaged in anticompetitive tactics related to its broadcast deals.
The FCC and Justice Department investigations could have real-world implications for the league and its media partners, including companies with broadcast networks like Paramount, Fox and NBCUniversal, and partners like Amazon, Disney and Netflix, which have largely used live sports as a subscription driver (Disney puts some games on ABC, while Fox, Paramount and NBC air games on their own streaming services).
“The NFL’s media distribution model is the most convenient for fans and broadcasters in the entire sports and entertainment industry,” says an NFL spokesperson. Hollywood Reporter. “With more than 87% of our games televised free-to-air, including 100% of games in competing team markets, the NFL has for decades put our fans first in how we distribute our content. The 2025 season was the most watched since 1989 and reflects the strength of the NFL’s distribution model and its broad availability for all fans.”
The NFL is currently renegotiating its television deal with Paramount (taking advantage of a change-of-control clause associated with the sale to Skydance), seeking a significant increase in rights fees. This deal is seen as groundbreaking, which could put a barrier to negotiations with other media partners in the coming months.
But what goes unsaid in the government investigations is that not every media partner will face equal influence. Paramount and Fox, which maintain Sunday afternoon windows and broadcast more games on local stations than any other partner, could benefit from the results of any investigation or interpretation of the Sports Broadcasting Act, which provides limited antitrust relief to the league.
Companies like Amazon, Netflix and Disney may face new pressures given their focus on subscriptions, though the NFL points out that all of its games, even those streamed online, still air on local stations in their teams’ markets.
Naturally, Fox and Paramount are seen as having more management-friendly leadership, in contrast to the tech companies and Disney.
Fox also announced its ideas in a little-noticed filing with the FCC.
“As leagues place more content on less regulated paid streaming platforms, and as customer costs increase, the legal and public policy basis behind this antitrust exemption are appropriate for consideration,” Fox wrote in the filing, linking the future of live sports on broadcast television to the future of local news more generally.
“Local television should not share the fate of local newspapers,” Fox added. “As the Commission continues its advocacy in this area, it should take into account how important live sports are to ensure that television stations keep the best local journalists on board.”
Many analysts agree that the NFL is existentially important to companies like Fox and Paramount, given the importance of programming to their TV lineups, advertising revenues, and their streaming ambitions, which are focused on consumers who don’t have pay-TV subscriptions.
But more importantly, media companies do not have the economic power of the big tech giants. Given the NFL’s limited supply of games, and its willingness to open new windows to maximize its revenue, this could be the sticking point in government talks and investigations.
“Streaming services, dominated by less-regulated Big Tech companies, are increasingly competing head-to-head with broadcasters for the right to broadcast professional sports,” Fox wrote in its FCC filing. “In other words, there is increasing demand for fixed supply – with new entrants to the market being some of the most profitable in the world. Broadcasters are being forced to pay more for gaming rights, or are cut off entirely from the core programming that supports live local news and helps broadcasters continue to fulfill their public interest obligations.”
But the biggest loser may be Hollywood. like THR It was previously reported that when the NFL renegotiates its media deals, the result will be less money flowing into the entertainment business, in favor of more flowing into the league’s coffers.
Bank of America analyst Jessica Reeve Ehrlich wrote on February 25 that the renegotiation “is likely to be ominous for the long-term trajectory of traditional media,” as “premium sports are becoming more expensive, while the legacy monetization base continues to weaken structurally and streaming has yet to prove it can fill the gap of the lost linear economy.”
A veteran media executive added: “At least you know your economics in terms of sports, and you can make a decision about whether the economics are good, but you know what you’re getting.” “Should I? game of thrones? Do I have to? The crown? The answer is: Yes, I can do that crownBut I may not do anything else. The total would be fewer scripts and I think fewer high-end series would be produced.
