Walt Disney Co said on Friday it would sell its interests in 21 regional sports ...
- Walt Disney Co said on Friday it would sell its interests in 21 regional sports networks and Fox College Sports to Sinclair Broadcast Group Inc for $9.6 billion, a deal that clears the way for its purchase of Twenty-First Century Fox Inc’s film and television assets.
The deal will help Sinclair, the largest U.S. broadcast station owner, add channels such as Fox Sports Detroit and Fox Sports Florida to its existing sports business that includes Marquee Sports Network and Ring of Honor Wrestling. The company said Byron Allen, CEO of Entertainment Studios, will serve as an equity and content partner in a newly formed indirect wholly-owned unit of Sinclair and an indirect parent of Diamond.
“The news could bring some closure to Disney’s pending obligations regarding the consent decree, while the company continues to take steps to fortify ESPN amid a paradigm shift to direct-to-consumer offerings,” CFRA analyst Tuna Amobi wrote after the Wall Street Journal first reported about the impending deal.The regional sports networks portfolio delivered a combined $3.8 billion in revenue across 74 million subscribers in 2018, the companies said.
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