Sinclair Broadcast Group Inc. is one of several companies that has submitted a bid for a package of 22 regional sports networks Disney acquired from 21st Century Fox, according to CNBC.
Amazon.com Inc., Apollo Global Management, KKR & Co. Inc., the Blackstone Group, and Tegna Inc. also bid for the networks, CNBC reported citing sources familiar with the matter. Due diligence on the bids will begin next week and CNBC did not know the amount of the bids. A second round of bidding is expected to happen before the end of the year.
Sinclair’s bid was expected. CEO Chris Ripley has been open about the Hunt Valley-based broadcaster’s interest in making a deal as it looks to add more subscription-based content. Ripley said at an investor conference in October the regional sports networks would be an “interesting fit” because Sinclair already has infrastructure in place for its local TV stations across the U.S.
Broadcasters like Sinclair are looking at providing new and different content…Read the full story from the Washington Business Journal.