According to a report by Fox Business, Sinclair Group is poised to buy Fox Regional Sports network from Disney. Under the agreement, 73.1 billion is changing hands.
The negotiation was finalized after Sinclair Group outbid rivals for Disney’s remaining 21 networks. The networks are reported to be worth of $10 billion.
With the deal, Disney’s acquisition of Fox will come to an end. To secure US antitrust approval of the deal, which closed in March, Disney agreed to sell the sports networks within 90 days because of its ownership of ESPN. Disney was ordered by the Supreme Court last June to divest RSN’s to avoid monopolizing the sports right market in the US. They had 90 days to find a buyer for the RSNs.
The parties which took part in the bidding were Liberty Media led by John Malone, and the big 3 basketball league led by Ice Cube.
Ice Cube’s Big3 basketball was supported by major sports and entertainment icons in its bid for the remaining 21 RSNs. Serena Williams and Magic Johnson were reported to be behind him.
According to the lasts development, Amazon is acquiring New York Yankees’ regional sports network, Yes. They are paying 3.4 billion for the purchase.
Sinclair possess an ownership of more than 100 mostly small and middle-sized markets around the country.
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