BALTIMORE, Aug. 29, 2019 /PRNewswire/ -- As part of a
consortium, led by Yankee Global Enterprises, Sinclair Broadcast
Group, Inc. ("Sinclair") (NASDAQ: SBGI)
announced that an indirect subsidiary of Diamond Sports Group has
acquired a 20% equity interest in the Yankee Entertainment and
Sports Network ("YES Network"), valued at approximately
$346 million on a total enterprise
value of $3.47 billion. In addition,
under the YES Network management team, Sinclair will direct the YES Network's traditional
and virtual distribution relationships.
The YES Network is the country's most-watched regional sports
network (RSN), broadcasting games, programs and specialty content
for the New York Yankees, the Brooklyn Nets, Major League Soccer's
New York City FC, and the WNBA's New York Liberty.
"We are excited about partnering with such a renowned franchise
as the New York Yankees," commented Chris
Ripley, President & CEO of Sinclair. "With this investment, we will have 23
RSN brands, including Marquee with the iconic Chicago Cubs, and 21
RSN brands acquired from the Walt Disney Company last week."
Since its launch in 2002, the YES Network has earned 118 Emmy
Awards, and has consistently been ranked as one of the most
valuable sports business brands in the world. In addition to
televising 128 regular season Yankees games per season, the YES
Network also airs pre-and postgame shows; Yankeeography, the
Emmy award-winning biography series on past and present Yankees
greats; and Yankees Magazine, the weekly magazine show
consisting of Yankees highlights, player profiles,
behind-the-scenes features and interviews.
The investment was funded as part of Sinclair's initial cash equity capitalization into
Diamond Sports Group.
Other investors in the YES Network include: Yankee Global
Enterprises, Amazon, RedBird Capital, funds managed by Blackstone's
Tactical Opportunities business, and Mubadala Capital. Advisors for
Sinclair were Guggenheim and
Liontree.
About Sinclair Broadcast Group, Inc.
Sinclair is a diversified media
company and leading provider of local sports and news. The
Company owns and/or operates 23 regional sports network brands;
owns, operates and/or provides services to 191 television stations
in 89 markets; is a leading local news provider in the country;
owns multiple national networks; and has TV stations affiliated
with all the major broadcast networks. Sinclair's content is delivered via
multiple-platforms, including over-the-air, multi-channel video
program distributors, and digital platforms. The Company regularly
uses its website as a key source of Company information which can
be accessed at www.sbgi.net.
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SOURCE Sinclair Broadcast Group, Inc.