Disney’s sports deal is a small fumble in long game jennifersaba
Walt Disney on May 3 agreed to sell Sinclair Broadcast 21 regional sports networks in a deal with an enterprise value of $10.6 billion.
Sinclair has formed an indirect wholly-owned subsidiary Diamond Sports to acquire the networks, capitalized with $1.4 billion in cash and equity, and $8.2 billion of debt. Disney acquired the regional sports networks as part of its $71 billion acquisition last year of Twenty-First Century Fox’s entertainment and international assets. The Department of Justice required Disney to sell the group as a condition for approval.
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