Warner Bros Discovery said on Monday it would have access to coveted National Basketball Association content for 11 more years under a legal settlement with the league, sending shares of the media company more than 5% higher.

The National Basketball Association and Warner Bros. Discovery have reached an agreement that will extend their long-standing media partnership an additional 11 years.

Warner Bros. Discovery has ended its lawsuit against the NBA and agreed to license TNT's "Inside the NBA" to Disney, the companies announced on Monday. Why it matters: The deal is a major boost to WBD after what was seen as a brutal loss and precarious future without the NBA.