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Sinclair Broadcast Group Inc (NASDAQ:SBGI) reportedly reached a deal to buy 21 different regional sports networks from Walt Disney Co (NYSE:DIS), sources told The Wall Street Journal.
What Happened
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Sinclair, the biggest owner of local TV stations, would become a major force in cable programming if the acquisition is finalized, WSJ's Joe Flint reported.
Disney would be selling its ownership in sports channels across major sports cities, including Los Angeles and Detroit. Disney is motivated to sell its stake as it was acquired as part of its acquisition of most of Fox's (NASDAQ:FOXA) entertainment assets.
On the other side of the deal, WSJ said Sinclair recognizes the value in local sports programming and it can contribute to its content holdings.
Why It's Important
Disney was expected to collect $16 billion to $20 billion in its asset sale and Sinclair got a "great deal" as it should be able to cut costs and leverage the regional sports networks with its stations together, Patrick Crakes, a sports media consultant told WSJ.
The two sides reportedly reached a "handshake agreement" last month, but nothing has yet to be confirmed at time of publication.
Sinclair's stock traded around $43.88 per share Friday morning.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.