By Sinclair Broadcast Group, Inc.
As part of a consortium led by Yankee Global Enterprises, Sinclair Broadcast Group, Inc. (“Sinclair”) (NASDAQ: SBGI) announced that an indirect subsidiary of Diamond Sports Group has acquired a 20% equity interest in the Yankee Entertainment and Sports Network (“YES Network”), valued at approximately $346 million on a total enterprise value of $3.47 billion. In addition, under the YES Network management team, Sinclair will direct the YES Network’s traditional and virtual distribution relationships.
The YES Network is the country’s most-watched regional sports network (RSN), broadcasting games, programs and specialty content for the New York Yankees, the Brooklyn Nets, Major League Soccer’s New York City FC, and the WNBA’s New York Liberty.
“We are excited about partnering with such a renowned franchise as the New York Yankees,” said Chris Ripley, president & CEO of Sinclair. “With this investment, we will have 23 RSN brands, including Marquee with the iconic Chicago Cubs, and 21 RSN brands acquired from the Walt Disney Company last week.”
Since its launch in 2002, the YES Network has earned 118 Emmy Awards, and has consistently been ranked as one of the most valuable sports business brands in the world. In addition to televising 128 regular season Yankees games per season, the YES Network also airs pre-and postgame shows; Yankeeography, the Emmy award-winning biography series on past and present Yankees greats; and Yankees magazine, the weekly magazine show consisting of Yankees highlights, player profiles, behind-the-scenes features and interviews.
The investment was funded as part of Sinclair’s initial cash equity capitalization into Diamond Sports Group.
Other investors in the YES Network include: Yankee Global Enterprises, Amazon, RedBird Capital, funds managed by Blackstone’s Tactical Opportunities business, and Mubadala Capital. Advisors for Sinclair were Guggenheim and Liontree.
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Previously in Sinclair:
* Item: Former Trump Aide Joins Sinclair.
* Trump’s FCC Chair Continues To Shaft The Public, Offer Major Handouts To Big Media.
* Trump-Friendly Sinclair’s Takeover Of Tribune TV Stations Brought To You By Trump’s FCC Chairman.
* Jonathan Pie, TV Reporter! Make The Air Fair.
* ‘Maybe The Worst FCC I’ve Ever Seen.’
* A Pair Of Decades-Old Policies May Change The Way Rural America Gets Local News.
* Tribune’s Disastrous Sale To Sinclair.
* Lawmakers Demand Answers About FCC’s Favoritism Toward Sinclair.
* Can Anyone Stop Trump’s FCC From Approving A Conservative Local News Empire?
* Sinclair’s Flippant FCC Ruling.
* FCC Presses Sinclair For Answers On Tribune Merger.
* Trump FCC Eliminates Local Broadcast Main Studio Requirement In A Handout To Sinclair That Will Harm Local Communities.
* Trump’s FCC Chairman Announces Plan To Scrap Media Ownership Limits Standing In Way Of Tribune-Sinclair Mega-Merger.
* Lisa Madigan et al. vs. Sinclair-Tribune.
* Local TV News Is About To Get Even Worse.
* Trump’s Secret Weapon Against A Free Press.
* With Massive Handouts To Sinclair, FCC Clears Path To New Wave Of Media Consolidation.
* Trump FCC Opens Corporate Media Merger Floodgates.
* FCC Wraps New Gift For Sinclair.
* FCC Inspector General Investigating Sinclair Rulings.
* Behind Sinclair’s ‘Project Baltimore.’
* Don’t Be Fooled By Sinclair’s Shell Games.
* Free Press Sues The FCC For Dramatic Reversal Of Media Ownership Limits That Pave Way For Media Mergers.
* Thanks, Tribune Media, All You Did Was Weaken A Country.
* Sinclair-Fox Station Deal Enabled By FCC Is Dangerous For Democracy.
* The Sinclair Sham.
* Debunking The Broadcast Industry’s Claims About Sinclair’s Tribune Takeover.
* Surprise FCC Move Maims Sinclair-Tribune Merger.
* Sinclair Makes Last Ditch Effort To Salvage Tribune Merger. Will FCC Bite?
* Sinclair-Tribune Deal On Life Support.
* Sinclair-Tribune Deal Is Dead.
* Tribune Media Lawsuit: Belligerent Sinclair Blew A Sure Thing.
* Tribune Executives Will Get Bonuses After Sinclair Deal Collapses.
* FCC Investigating Sinclair’s Lies In Failed Attempt To Take Over Tribune Media.
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See also:
* Sinclair Broadcast Group Solicits Its News Directors For Its Political Fundraising Efforts.
* FCC Plans To Fine Sinclair $13.3 million Over Undisclosed Commercials.
* Sinclair’s New Media-Bashing Promos Rankle Local Anchors.
* Sinclair’s Latest “Must-Run” Segment Defends Tear-Gassing Refugees.
* Nexstar-Tribune Deal Is Bad News For Communities And Local Media.
* Dear FCC: Further Weakening Media-Ownership Limits Isn’t The Answer.
* Free Press To FCC: Revoke Sinclair’s Licenses If They Lied To You.
* Sinclair Broadcast Group To Acquire 21 Regional Sports Networks From Disney At A Valuation Of $10.6 Billion.
* Sinclair’s Cubs Network Names Complicit GM.
* Sinclair Completes Acquisition Of Regional Sports Networks From Disney.
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Comments welcome.
Posted on September 3, 2019