New FOX Won’t Be Buying Back Fox Sports RSNs, Leaving Sinclair As Sole Bidder
This morning, New FOX, which holds FOX’s assets not sold to Disney, shared that they won’t be bidding to buy back FOX Regional Sports Networks.
In the release 21st Century Fox said, “FOX confirms that it does not intend to bid for any of the Fox regional sports networks that Disney (or any entity operating on its behalf) may sell as required by the consent decree with the U.S. Department of Justice.”
The sports networks were sold to Disney as part of their $71.3 billion acquisition of 21st Century Fox, but were required to be divested as part of the sale. While it looks likely that Disney will sell YES Network back to the New York Yankees, in partnership with Amazon, the remaining 21 channels have had a difficult time finding a bidder.
In a report by CNBC this morning, they shared that it appears that Sinclair is the sole bidder for the entire bundle of RSNs. Sinclair would likely partner with a private equity firm like Apollo Global Management or The Blackstone Group to complete the sale.
There have been reports that Rapper Ice Cube with business partner, Jeff Kwatinetz, may be looking to partner with Viacom on a bid, but they have yet to make a formal offer.