Sinclair Announces Deal for 21 Regional Sports Networks From Disney
May 03 2019 - 5:45PM
Dow Jones News
By Maria Armental
Sinclair Broadcast Group Inc. has reached a deal it valued at
$10.6 billion to buy 21 regional sports networks from Walt Disney
Co., the company said Friday.
The purchase price, the company said, is $9.6 billion, after
adjusting for minority equity interests.
The 21 sports networks were part of the 21st Century Fox assets
that Disney bought and agreed to sell to pave the way for
government approval of that deal.
In 2018, the regional sports networks portfolio had $3.8 billion
in revenue.
The networks will be acquired by a newly formed, wholly-owned
subsidiary of Sinclair called Diamond Sports Group LLC.
The Wall Street Journal reported Thursday that the companies had
struck a deal for the 21 networks and that Sinclair Broadcast had
separately partnered with the New York Yankees to acquire the YES
Network, another of the networks once controlled by 21st Century
Fox. That sale, which hasn't been finalized but would be valued at
$3.45 billion, also includes Amazon.com Inc. as a partner, The
Journal reported.
Other suitors for the regional sports networks included Liberty
Media Corp. and Big 3 Basketball LLC, whose management includes
entertainment executive Jeff Kwatinetz and rapper and actor Ice
Cube.
Joe Flint contributed to this article.
(END) Dow Jones Newswires
May 03, 2019 17:30 ET (21:30 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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