- Sinclair Broadcast Group (SBGI -3.6%) has wrapped up a long and winding acquisition of 21 former Fox regional sports networks from Disney (DIS -1.9%).
- The deal (including Fox College Sports) values the RSNs at $10.6B enterprise value, with a purchase price of $9.6B after adjusting for minority interests.
- As previously reported, he deal excludes the multibillion-dollar YES Network.
- Entertainer/entrepreneur Byron Allen has agreed to become an equity/content partner in a new indirect subsidiary covering the RSNs.
- Financing: a $1.4B cash contribution from Sinclair, $1B in preferred equity issued by a subsidiary, a $3.3B secured term B loan facility, $3.1B in secured notes and $1.8B in senior notes.