The Sinclair Broadcast Group has reportedly placed the top bid for the 22 Fox regional sports networks that Disney has been required to divest. While nothing is final at the moment, Sinclair could walk away with the networks for roughly $10 billion.
What’s happening:
- The Walt Disney Company may have found a buyer for all 22 regional sports networks they are required to sell now that the Fox deal is closed.
- One on the conditions regulators placed on the Company was that they needed to divest Fox’s regional sports networks within 90 days of acquiring the Fox assets.
- The combine value of the 22 networks is reportedly $13.47 billion.
- Mike Ozanian of Forbes is reporting that Fox has received a bid of $10 billion to purchase 21 networks from the Sinclair Broadcast Group.
- At the time of publication that was the highest bid submitted, besting Ice Cube’s Big3 basketball league and John Malone’s Liberty Media.
- However this auction isn’t final yet, and Big3 or Liberty Media could come back with higher offers.
ICYMI:
- Earlier this month, Big3 filed a complaint with the FCC regarding cable network Charter alleging they were trying to “undermine the sale process.”
- Since January, Sinclair Broadcast Group has been among the bidders interested in purchasing the networks. At that time they were named along with Major League Baseball, and Apollo Global Management.
- In March, Disney was nearing a deal with the New York Yankees with the sports franchise purchasing one of the networks, the YES Network for a reported $3.47 billion.