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Sinclair closes purchase of Fox regional sports nets

Aug. 23, 2019 1:16 PM ETDIS, SBGIBy: Jason Aycock, SA News Editor4 Comments
  • 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.

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