"In a research note published late last month, Morgan Stanley analyst Benjamin Swinburne made the case that ESPN was transforming “from drag to driver.” He said ESPN’s distribution revenue-growth rate could nearly double over the next four years. That is because roughly one-fourth of ESPN’s carriage contracts with cable- and satellite-TV providers are up for renewal over the next 18 months.

Mr. Swinburne is optimistic that ESPN will be able to boost prices it charges pay-TV distributors “above consensus cautious expectations” and that it will benefit in the future from new streaming deals."