The Los Angeles Dodgers have reached agreement on a new local television contract with Time Warner, Bloomberg reported Tuesday. The deal is estimated to be $7 billion to $8 billion, according to the Los Angeles Times. If the figures are accurate, it would be the largest television contract in sports history. Bloomberg reported that the agreement calls for a regional Dodgers television network similar to the New York Yankees' YES network. Time Warner will operate as an administrator of Dodgers broadcasts. NewsCorp previously held the rights, paying an estimated $40 million to telecast Dodgers games. A group that includes Magic Johnson purchased the team last year for $2.15 billion.