One big reason:ESPN owns the games outright, paying nothing for TVrights, sidestepping bidding wars and avoiding any risk of losing a franchise it created to a rival channel.

FORBES: X-treme Economics

Banks that underwrite these deals are also becoming less risk-averse amid the low-volatility environment and have become more aggressive in bidding to win the deals, also driving down discounts, market participants said.

WSJ: Stock-Sale Discounts Get a Haircut