[ad_1]
Sinclair Broadcast Group and the Walt Disney Company have signed a $ 9.6 billion Sinclair contract to purchase 21 Regional Fox Regional Sports and Fox College Sports.
The deal was announced in May after Disney's acquisition of these networks as part of the Twenty-First Century Fox acquisition. The portfolio, which excludes the YES network, is described as the largest collection of RSN on the market and includes the exclusive local rights of 42 professional teams consisting of 14 Major League Baseball (MLB) teams, 16 teams from the National Basketball Association (NBA) and 12 National Hockey League (NHL) teams.
Disney was to divest 21 regional sports networks as part of its acquisition of 21st Century Fox's film and television assets to obtain approval from the US Department of Justice.
Chris Ripley, President and CEO of Sinclair, said, "We are very pleased with the transformational aspects that the RSN acquisition will bring to Sinclair and we look forward to realizing these opportunities. We welcome Jeff Krolik, president of RSN, as well as the rest of the RSN management team and staff in the Sinclair family. We have a bright future ahead of us. "
The RSNs were acquired through Sinclair's Diamond Sports group, in which the head of entertainment studios, Byron Allen, has invested. The deal comes a year after Allen bought The Weather Channel. The transaction was financed by a cash contribution of $ 1.4 billion from Sinclair, $ 1 billion of preferred shares, a $ 3.3 billion secured term loan facility, $ 3.1 billion of guaranteed notes and $ 1.8 billion of senior notes.
The RSN brands acquired by Sinclair are Fox Sports Arizona, Fox Sports Detroit, Fox Sports Florida, Fox Sports Sun, Fox Sports North, Fox Sports Wisconsin, Fox Sports Ohio, SportsTime Ohio, Fox Sports South, Fox Sports Carolina, Fox Tennessee Sports, Fox Sports Southeast, Fox Sports Southwest, Fox Sports Oklahoma, Fox Sports New Orleans, Fox Sports Midwest, Fox Sports Kansas City, Fox Sports Indiana, Fox Sports San Diego, Fox Sports West and Prime Ticket.
[ad_2]
Source link