Sinclair Broadcast Group says it’s buying the Tennis Channel for $350 Million.
TVSpy reported about the possibility in September, since Sinclair will have a hard time adding any more TV stations to its portfolio.
“It was the only independently-owned major sports network left, and we knew we could unlock value through a tuck-in acquisition,” said Sinclair president and CEO David Smith.
Sinclair says it will benefit from Tennis Channel’s more than $200 million net operating loss which Sinclair says it will carry forward to reduce future tax payments and says the current value is worth approximately $65 million.
Tennis Channel is the only 24-hour, television-based multimedia destination dedicated to both the professional sport and tennis lifestyle. Tennis, which includes established over-the-top subscription services, TC Plus and TV Everywhere, has rights to 90% of all the televised tennis in the U.S. and features comprehensive coverage including the top 100 tournaments in the sport and more.
Sinclair has made several moves outside of its local TV station group by:
Launching a Sunday investigative journalism show hosted by former CBS news correspondent Sharyl Attkisson in July.
Partnering with former Disney CEO Michael Eisner‘s Tornante Company to “acquire, create, develop, produce and distribute first-run syndicated television programming.”
Partnering with MGM to create a science fiction channel with MGM in June.
Launching a college Sports Network in July 2014 called the American Sports Network with games airing on its CW and MyNetwork stations.