Sinclair to buy Disney's sports networks for $9.6 billion
Sinclair Broadcast Group Inc, the largest U.S. broadcast station owner, said on Friday it would buy Walt Disney Co`s interests in 21 regional sports networks for $9.6 billion.
Shares of Sinclair, which closed up nearly 3 percent at $44.95, were trading flat after hours.
The networks being acquired by Sinclair include Fox Sports Detroit, Fox Sports Florida and Fox Sports Sun but excludes the YES Network.
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Disney, which owns cable sports network ESPN, bought the networks as part of its $71 billion acquisition of Twenty-First Century Fox Inc`s film and television assets.
The media company agreed to sell the networks as part of an agreement with the U.S. Department of Justice.
Including minority equity interests, the assets are valued at $10.6 billion, the company said.
Completion of the deal is subject to customary closing conditions, including the approval of the U.S. DoJ.
Guggenheim Securities LLC, Deutsche Bank Securities Inc, RBC Capital Markets, Pursuit Advisors and Moelis & Company are Sinclair`s financial advisers.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)