TBS had to give up its exclusive Big Bang Theory rights to allow for HBO Max's $600 million streaming deal

Variety

The Big Bang Theory wasn't shopped widely on the open market because TBS held exclusive rerun rights to the CBS comedy through 2024, reports Variety. "To have Big Bang rights ready for the spring 2020 launch of HBO Max, TBS needed to give up that exclusivity right and get something in return," explains Variety's Cynthia Littleton. "Although TBS, HBO Max and Warner Bros. TV are all in the same family, the dealmaking was arm’s length and scrutinized by representatives for co-creators and profit participants Chuck Lorre and Bill Prady. To make the deal work for all sides — profit participants included — WarnerMedia stepped up with a big number to secure the various rights. It’s unclear exactly how TBS was compensated for giving up its rights but it ends up with an extension through 2028 on the cable rights that otherwise would have ended in 2024." Littleton adds: "Because of TBS’ rights, it was not feasible for WarnerMedia to shop the show widely to outside buyers. The common parent company — and common executive leadership for TBS and HBO Max in WarnerMedia Entertainment chairman Bob Greenblatt — for all three players helped ease the process. But there’s no way WarnerMedia could have lowballed the price for Big Bang because the profit participants would have swiftly gone to court howling about self-dealing claims."