Sinclair agrees to buy Disney's 21 Fox networks for US$9.6B [Business News Network (BNN) Energy & Resources (Canada)]
Fox Corporation - Class B (FOX)
Last fox corporation - class b earnings: 5/10 04:03 pm
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Source: Business News Network
Sinclair agrees to buy Disney's 21 Fox networks for US$9.6B Sinclair Broadcast Group Inc. agreed to buy 21 Fox regional sports networks from Walt Disney Co. for US$9.6 billion, turning the local-TV company into a cable-sports powerhouse. Sinclair will acquire the business via a new subsidiary called Diamond Sports Group, the company said on Friday. Byron Allen, who founded Entertainment Studios and owns the Weather Channel, is investing in the business and will help supply content. Disney agreed to sell the networks as part of its already-completed acquisition of 21st Century Fox Inc.’s entertainment assets. Bidders for the sports networks included John Malone’s Liberty Media Corp., which teamed up with Major League Baseball, and Ice Cube’s Big3 U.S. basketball league. The entertainer lined up Will Smith, Serena Williams and Snoop Dogg as content partners for his unsuccessful bid. The transaction allowed Disney to get antitrust approval for its US$71 billion Fox takeover, a transactio
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