Deals
Sinclair Will Buy Disney's 21 Fox Networks for $9.6 Billion
- Byron Allen will invest in business and help supply content
- Sinclair shares surge as much as 16% in wake of agreement
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Sinclair Broadcast Group Inc. will buy 21 Fox regional sports networks from Walt Disney Co. for $9.6 billion, a bet that the local-TV company can become a cable-sports powerhouse.
Sinclair will acquire the business via a new subsidiary called Diamond Sports Group, the company said on Friday. Byron Allen, the former comedian who founded Entertainment Studios and owns the Weather Channel, is investing in the business and will help supply content.