The deal is done. Sinclair has won the battle to acquire 21 of the former Fox RSNs from Disney in a $10.6 billion deal.
That reflects a purchase price of $9.6bln, after adjusting for minority equity interests. Completion of the transaction is subject to closing conditions, including the approval of the US DOJ.
The RSN package, which does not include YES Network, will be acquired through a newly-formed indirect wholly-owned subsidiary of Sinclair called Diamond Sports Group LLC. Entertainment Studios founder/CEO Byron Allen has signed on as an equity and content partner in an indirect parent of Diamond known as RSN Holding Company.
The RSNs will join Sinclair’s existing sports business, which consists of Marquee Sports Network (its jv with the Chicago Cubs), Tennis Channel and Tennis Media Company, Stadium, Ring of Honor Wrestling and high school sports programming.