Friday, January 11, 2019

Fox Won't Bid For Regional Sports Networks

Fox Corp. confirms that it does not intend to bid for any of the Fox regional sports networks that Disney may sell as required under terms of its $71 billion acquisition of 21st Century Fox Inc. assets, according to a regulatory filing.

Disney was said to plan to sell 22 regional sports networks to different suitors

The New York Yankees are said to be in talks with Amazon, Sinclair Broadcasting Group about teaming up to bid for the team’s regional sports network YES, according to reports on Dec.28.

The second round of bids for those regional sports networks are due at the end of January, the sources said. Sinclair seems to be the sole bidder. Amazon is not bidding after considering a deal. The private equity firms Blackstone and Apollo had hoped to partner with Fox on a bid, the sources said.

Twenty-first Century Fox sold movie studio and television assets to Disney last year, and the new Fox, run by Lachlan Murdoch, is focused on news. Disney, which owns the sports network ESPN, has said it would sell the regional sports networks acquired in the Fox deal.

Fox will also begin preliminary talks to sell senior unsecured notes to partially fund an $8.5 billion dividend.

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