Sinclair to buy 21 Disney Sports networks in a deal worth over $10bn
Category: #business  By Mateen Dalal  Date: 2019-05-04
  • share
  • Twitter
  • Facebook
  • LinkedIn

Sinclair to buy 21 Disney Sports networks in a deal worth over $10bn

Sinclair Broadcast Group, the American telecommunications giant, has reportedly reached a deal worth over $10 billion in order to purchase as many as 21 regional sports networks from the entertainment conglomerate, The Walt Disney Company.

The latest deal is reported to be including sports channels in Detroit and Los Angeles. Sources with the knowledge of the matter revealed that Disney had acquired the sports networks as a part of the company’s acquisition of the film & television assets of Twenty-First Century Fox for $71 billion. Sources further cited that the company agreed to sell the networks following an order from the US Justice Department, which said Disney must divest all of the Fox networks that provide sports programming for local and regional markets.

Reportedly, Disney, which also holds the cable sports network ESPN, sold Fox’s film & television assets in March, which was almost a year after the company came out victorious in a bidding war against the US-based cable company Comcast. As per a report by Fox Business Network, Sinclair had won the auction for the channels, which also drew interest from Liberty Media Corporation, as well as Big3, which is an upstart basketball league operated by actor-cum-rapper Ice Cube and a Hollywood businessman Jeff Kwatinetz.

It has also been reported that the auction for Fox Sports channels was initiated last year. However, there did not occur any hoped-for frenzied bidding war, given that the major entertainment companies including AT&T Inc.’s WarnerMedia, Comcast Corporation and even Fox Corp. were on the sidelines.

As one of the largest TV station owners in the nation, Sinclair owns outlets in Fresno and Bakersfield, and has been endeavoring to expand into the biggest television markets such as Chicago, New York and Los Angeles. The company’s latest move is expected to help it reach out to a large sports fan base in markets including Los Angeles, Miami, Phoenix, Dallas and Detroit.

Source Credits: https://www.cnbc.com/2019/05/03/sinclair-to-reportedly-buy-disneys-sports-networks.html

https://www.latimes.com/business/hollywood/la-fi-ct-sinclair-to-buy-fox-regional-sports-networks-20190502-story.html

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Mateen Dalal    

Mateen Dalal

Mateen has completed his Bachelor’s degree in electronics and telecommunication engineering, post which he lent his proficiency to the industry, working as a quality and test engineer. Drawn intricately toward the field of content creation however, Mateen soon switc...

Read More

More News By Mateen Dalal

Air France-KLM & JAL make bids to purchase stake in Malaysia Airlines
Air France-KLM & JAL make bids to purchase stake in Malaysia Airlines
By Mateen Dalal

Air France–KLM S.A., one of the leading global air transport players, has reportedly made a proposal to invest in Malaysia Airlines and gain around 49 percent stake. Japan Airlines (JAL) is also looking to acquire a 25 percent stake in Mal...

Accenture opens innovation center in South Beach Road office
Accenture opens innovation center in South Beach Road office
By Mateen Dalal

Accenture, an Irish multinational professional services company, has recently opened a global innovation center within the Accenture’s office at South Beach Road, which is supported by EDB (Economic Development Board) in Singapore. It will pro...

Verrica unveils positive data from VP-102 study in molluscum treatment
Verrica unveils positive data from VP-102 study in molluscum treatment
By Mateen Dalal

Findings from the study are being produced at the 17th Annual Winter Clinical Dermatology Conference in Kohala Coast The data indicated a considerable increase in the percentage of patients with lesion clearance in VP-102 group Verrica Pharmaceu...