Disney has found a buyer for the regional sports networks acquired when they purchased 20th Century Fox assets. The 22 networks were purchased by a newly formed investor group that includes Yankee Global Enterprises and Sinclair Broadcast Group.
What’s happening:
- Earlier today, The Walt Disney Company announced that it has sold its equity interest in the YES Network to a newly formed investor group that includes Yankee Global Enterprises and Sinclair Broadcast Group, among others.
- The group acquired the 80 percent of the YES Network not already held by the Yankees at a total enterprise value of $3.47 billion.
- The transaction has received approval from the U.S. Department of Justice.
- Last year, Disney and Twenty-First Century Fox, Inc. entered into a consent decree with the Department of Justice that allowed Disney’s acquisition of 21st Century Fox to proceed while requiring the subsequent sale of 21st Century Fox’s interests in 22 regional sports networks, including the YES Network.
- On August 23, Sinclair completed its acquisition of 21 of the regional sports networks from Disney, excluding the YES Network.
Did you know?:
- News of this sale was first revealed back in May when Sinclair Broadcasting Group expressed interest in acquiring the regional sports networks.
About The Walt Disney Company:
- The Walt Disney Company, together with its subsidiaries, is a diversified worldwide entertainment company with operations in four business segments:
- Media Networks
- Studio Entertainment
- Parks, Experiences and Products
- Direct-to-Consumer and International
- Disney is a Dow 30 company and had annual revenues of $59.4 billion in its Fiscal Year 2018.