(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 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. Additionally, 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 the following. 22 regional sports network brands, and, 191 television stations in 89 television markets; is what the previously mentioned media company owns. Additionally, it is also 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 Networks. 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.
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Written from Press Release
Registered Writer with
PR Newswire Association, LLC
R-Berumen28
08/28/2019
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