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US: Tennis Channel sold for $350 million to Sinclair

By  |  January 28, 2016

Sinclair Broadcast Group announced today that it has entered into a definitive agreement to buy Tennis Channel for $350 million

The deal will give more viewers access to the only network devoted solely to tennis. Sinclair’s acquisition will increase Tennis Channel’s carriage from its current reach of about 30 million homes to approximately 50 million homes. The sale, subject to antitrust regulatory approval, is expected to close in the coming weeks. Sinclair will finance the acquisition “through cash on hand and a draw on the Company’s revolving line of credit.”

In a statement issued today announcing the agreement Sinclair said it “will benefit, however, from over $200 million of Tennis net operating losses which Sinclair will be able to carry forward to reduce future tax payments, the present value which Sinclair estimates to be worth approximately $65 million.”

Full content: Tennis Now

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