Comcast's (CMCSA) NBC is negotiating with Macy's (M) to renew broadcast rights for the Thanksgiving Day parade, aiming for a decade-long deal averaging over $60 million annually, significantly higher than the current $20 million, the Wall Street Journal reported Monday, citing sources.
The new contract, expected to begin next year, would also include other Macy's events like the July 4 event, the report said, citing people familiar with the matter.
Last year, NBC reportedly earned $52 million in advertising from the parade, with ad spots priced at $865,000 on average. Production costs, driven by higher celebrity appearance fees, have risen to nearly $7 million this year, according to the report.
The companies did not immediately respond to MT Newswires' requests for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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