A group of regional sports networks is set to wind down, marking the demise of a once-lucrative business and leaving the fate of local baseball, basketball and hockey broadcasts in the balance — even as live sports command the highest TV ratings.

RSNs have felt arguably the greatest pressure from the losses that plague the pay TV bundle as consumers switch to streaming. Now, the model is in rapid decline.

Last week, as the 2026 MLB season got underway, the league announced it was taking over media distribution for 14 teams. In large part, this was the result of the inevitable wind down of Main Street Sports — formerly Fox Sports networks, which have been through different owners since 2019 and several name changes since 2021.

Main Street emerged from bankruptcy protection in late 2024, and despite touting subscriber growth as recently as last spring, the operator faced another liquidity crunch earlier this year when MLB rights payments were due, according to people familiar with the matter, who asked not to be named because they were not authorized to speak publicly.

Main Street owned roughly 15 channels, but at one point aired 30 MLB, NHL and NBA teams after exiting bankruptcy.

Though the company was in sale talks earlier this year with the likes of streaming platforms DAZN and Fubo, the discussions never amounted to a deal, according to the people. 

Rumors of liquidation circulated — in the middle of the NBA and NHL seasons — but Main Street has so far been able to stave that off. Instead, MLB teams went their separate ways at the beginning of the season, with some shifting to MLB distribution and some, like the Los Angeles Angels and Atlanta Braves, taking over the production and distribution of their own regional channels.

The NBA and NHL regular seasons are expected to be completed through their current Main Street-owned networks — now branded as FanDuel Sports networks. But after the NBA regular season and the first round of the NHL playoffs, Main Street plans to begin an earnest end-of-business process, one of the people said. 

The future for the remaining NBA and NHL teams are yet to be determined, although some are likely to find homes with broadcast station owners that have been acquiring local rights, such as Scripps, according to a person close to the negotiations, who asked not to be named because the matter is confidential.

And the end of the RSN model doesn’t stop there.

The fees long paid by the networks to host games have propped up professional sports leagues for a long time — especially MLB, known to have some of the most expensive rights fees and the most local games. The upending of the RSN model is sure to send ripple effects throughout these teams. 

Those that have already exited the RSN model have sought refuge in direct-to-consumer streaming apps, which are pretty expensive monthly or annual costs for fans, and through agreements with broadcast station owners, which argue they offer the widest reach of any platform for sporting events. 

There’s also been an increased emphasis on advertising, but while that revenue stream is helpful when it comes to the NBA and NHL, it doesn’t go as far to support MLB, according to industry insiders.

There’s also been little, if any, crossover for MLB teams to the affiliate networks, once again because of the expense and number of games, according to people familiar with the matter, who asked not to be named because they were not authorized to speak publicly.

Last year MSG Network, which airs games for the NBA’s New York Knicks as well as the NHL’s New York Rangers, Buffalo Sabres and New Jersey Devils, was facing financial turmoil as it needed to refinance a whopping debt load and dealt with a carriage dispute that resulted in a blackout for nearly two months. Bankruptcy was reportedly on the table until the James Dolan-owned company refinanced its debt. 

Also in the New York-area, SNY, the regional home of the New York Mets, had been exploring its options in the past year, according to people familiar with the matter, who asked not to be named because the discussions are private.

The network had earlier put itself up for sale, some of the people said. While no deal was ever reached, sources say Mets owner Steve Cohen was part of the discussions at one point as a potential acquirer. 

The network, which is majority backed by former Mets owners the Wilpon family, has also counted Comcast and Charter Communications as investors for some time. But in recent months, Comcast sold its stake to Charter for an undisclosed amount, according to people familiar with the matter, who asked not to be named because the deal is confidential.  

Comcast owns a handful of networks but has been slowly inching away from the RSN world.

Comcast has also been one of the toughest distributors for RSNs to deal with recently, pushing to move the networks into the tiered model. That would mean subscribers would opt in for the local channels rather than automatically receiving them — and automatically paying for them. 

This had been a sticking point in Comcast’s carriage negotiations last year with the YES Network — a top-tier RSN with some of the highest fees and biggest audiences, as it airs New York Yankees and Brooklyn Nets games. 

Comcast wanted to shift YES to a tiered model; YES refused and argued that the Mets’ SNY is spared from such a contract change. 

Comcast has a long-term carriage deal with SNY that protects it from being tiered through at least 2030, according to people familiar with the deal, who asked not to be named because it is an internal matter.

Industry insiders surmised that Comcast’s exodus from SNY’s ownership structure freed it from this deal. But people with firsthand knowledge of the deal, who asked not to be named because the matter is private, say nothing has changed on that front. Comcast won’t be returning to the table with YES anytime soon, some of the people said.

It’s not all bad news: Independent RSNs with big-market teams are usually on firmer footing. There’s the Los Angeles Dodgers with their notoriously high-priced media rights deal that Charter inherited from its Time Warner Cable deal. 

And then there’s the New England Sports Network, or NESN, which has the benefit of airing some local games to New England’s rabid fan base, as well as Pittsburgh’s.

The network has been quick to shake things up. NESN was the first RSN to offer a streaming service, which has offered deals that include Red Sox tickets. Plus, its recently installed CEO, David Wisnia, credits himself as an “outsider” who is “taking a fresh perspective on everything.” 

NESN has changed its cost structure and has sought new revenue opportunities, Wisnia said in an interview.

“It’s reallocating resources and getting out of business that we don’t want to be in,” he said. 

NESN has also revamped its look and expanded programming on its channels, which are usually filled with throwback matchups and essentially dead air outside of games. 

In recent weeks, NESN has been running victory laps that it has broken records for growth on streaming subscription and engagement. The late-season playoff push by the NHL’s Boston Bruins was a boost, as was the beginning of the Boston Red Sox’s 2026 season.

Correction: This story has been revised to reflect that the Los Angeles Angels are one of the MLB teams taking over the production and distribution of their own regional channel. A previous version misstated the name of the team.

The Trump administration is preparing to impose new tariffs on branded drugs from pharmaceutical companies that have not struck landmark deals with the president to lower their U.S. drug prices, CNBC has learned. 

Patented medications and their active ingredients would be hit with a 100% tariff, according to a draft of the document obtained by CNBC. But there are pathways for drugmakers to reduce or avoid the levies if they move their manufacturing to the U.S. or are negotiating deals with the administration.

The proposal is not final and it is unclear when the Trump administration may announce it, though some reports indicated it could be as soon as Thursday.

The plan would represent another shift in Trump’s aggressive trade strategy, more than a month after the Supreme Court struck down the global levies he imposed in 2025, which excluded the pharmaceutical industry.

Since November, more than a dozen major drugmakers, including Eli Lilly, Pfizer and Novo Nordisk, have inked deals with Trump to lower the prices of new and existing medicines. Those agreements are part of the president’s “most favored nation” policy, which ties U.S. drug prices to cheaper ones abroad, and exempted the companies from tariffs for three years.

Drugmaker that have fully executed deals or are currently negotiating with the Health and Human Services department would be exempt from the tariffs.

As part of the draft proposal, the administration would impose a 20% tariff on companies that plan to onshore production, which would increase to 100% four years from now.

Meanwhile, there are separate rates for the EU, Japan, South Korea, Switzerland and the U.K. based on bilateral deals. There will also be zero additional tariffs on generic drugs, according to the draft document.

The White House did not immediately respond to a request for comment on the draft pharmaceutical tariff plan.

The tariffs follow a Commerce Department investigation that determined certain pharmaceutical imports pose a national security risk to the United States.

Prior to the landmark drug pricing deals, Trump repeatedly threatened duties on pharma imports. Those threats – and efforts to get into the president’s good graces – fueled a new wave of U.S. manufacturing investments from the pharmaceutical industry. Those commitments come at a time when domestic drug manufacturing had shrunk significantly.

Bloomberg first reported on the new pharmaceutical tariffs late Wednesday.