(Baltimore, MD and Burbank, CA) Sometime last year; The Walt Disney Company, and, Twenty-First Century
Fox, Inc. entered into a consent decree with the U.S. Department of
Justice. The purpose, was to allow the
acquisition of Twenty-First Century Fox, Inc. to continue. However, continuing meant that, The Walt
Disney Company would be required to sell the Fox Regional Sports Networks; post
acquisition. A short time later, the
Sinclair Broadcast Group, Inc. surfaced as the potential buyer, of the Fox
Regional Sports Networks. The actual
acquisition, or purchase, subsequently was required to be completed through an
indirect holding company. Diamond Sports
Group, LLC is the indirect subsidiary, of the Sinclair Broadcast Group,
Inc. Recently, the Sinclair Broadcast
Group, Inc. announced that, it has completed the acquisition of the Fox
Regional Sports Networks. Specifically,
the aforementioned business revealed that, the U.S. Department of Justice has
approved the acquisition. As part of the
acquisition, Byron Allen of Entertainment Studios, is now an equity and content
partner of Diamond Sports Group, LLC.
Diamond Sports Group,
LLC, as previously said, is how the Fox Regional Sports Networks can be
sold. The Walt Disney Company (NYSE: DIS), is the party that, was doing the selling. Continuing with this line of thought, the Fox
Regional Sports Networks are; Fox Sports Arizona, Fox Sports Detroit, Fox
Sports Florida, Fox Sports Sun, Fox Sports North, Fox Sports Wisconsin, Fox Sports Ohio, Sports
Time Ohio, Fox Sports South, Fox Sports Carolina, Fox Sports Tennessee, Fox
Sports Southeast, Fox Sports Southwest, Fox Sports Oklahoma, Fox Sports New
Orleans, Fox Sports Midwest, Fox Sports Kansas City, Fox Sports Indiana, Fox
Sports San Diego, Fox Sports West, Prime Ticket and Fox College Sports. Exclusive local rights to 42 professional
sports teams, is also included, in the previously stated.
Returning to, the completed
acquisition, the aforementioned had a total value of $10.6 billion USD. However, the final purchase price was
revealed to be, $9.6 billion USD. In order
to complete the transaction, the Sinclair Broadcast Group, Inc. funded, Diamond
Sports Group, LLC. The funding process
was done or completed in the following way.
First, it infused about $1.4 billion USD in cash money. Second a parent company of Diamond Sports
Group, LLC, and also, an indirect subsidiary of the Sinclair Broadcast Group,
Inc.; contributed about $1.0 billion USD in preferred equity. Third, Diamond Sports Group, LLC secured a
Term B Facility. The loan amount is $3.3
billion USD. Fourth and finally, a
senior note worth $1.8 billion USD was also secured, by Diamond Sports Group,
LLC.
To end and currently;
the Sinclair Broadcast Group, Inc. owns and operates 22 regional sports network
brands, and, 191 television stations in 89 television markets. Additionally, it is considered to be, one of
the nation’s leading providers of local news.
Furthermore, the Sinclair Broadcast Group, Inc. (NASDAQ: SBGI) did release a press statement. Chris Ripley is the President and the Chief
Executive Officer of the Sinclair Broadcast Group, Inc. Through a press statement, Mr. Ripley said
the following. “We are very
excited about the transformational aspects the RSN acquisition will have on
Sinclair and are eager to bring those opportunities to life. We welcome Jeff Krolik, President of the
RSNs, and the rest of the RSN management team and staff to the Sinclair
family. We have an exciting future ahead
of us.” As previously stated, the Sinclair Broadcast Group, Inc. recently
announced that, it has completed the acquisition of the Fox Regional Sports
Network. Specifically, the
aforementioned business revealed that, the U.S. Department of Justice has
approved the acquisition. Lastly and as
part of the acquisition, Byron Allen of Entertainment Studios, is now an equity
and content partner of Diamond Sports Group, LLC.
###
Written from Press
Release
Registered Writer
with
PR Newswire
Association, LLC
R-Berumen28
08/28/2019
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