Disney has finalized its deal to sell 21 Fox regional sports networks to Sinclair Broadcast Group in a transaction valued at $10.6 billion. Byron Allen, the entrepreneur behind Entertainment Studios and the owner of the Weather Channel, has teamed with Sinclair as an equity and content partner in the newly formed Diamond Holding Group.
Last year, Disney and 21st Century Fox entered into a consent decree with the U.S. Dept of Justice that allowed Disney's acquisition of 21st Century Fox to proceed while requiring the subsequent sale of the regional sports networks.
The regional sports networks to be acquired in the deal include: Fox Sports Arizona, Fox Sports Detroit, Fox Sports Florida, Fox Sports Sun, Fox Sports North, Fox Sports Wisconsin, Fox Sports Ohio, SportsTime Ohio, Fox Sports South, Fox Sports Carolina, Fox Sports Tennessee, Fox Sports Southeast, Fox Sports Southwest, Fox Sports Oklahoma, Fox Sports New Orleans, Fox Sports Midwest, Fox Sports Kansas City, Fox Sports Indiana, Fox Sports San Diego, Fox Sports West, and Prime Ticket. Also included in the acquisition is Fox College Sports.
Byron Allen is not new to these types of media deals. He is the founder and CEO of Entertainment Studios, one of the largest independent media companies whose portfolio includes nine television networks serving nearly 150 million subscribers. These include The Weather Channel, The Weather Channel en Español, Pets.TV, Comedy.TV, Recipe.TV, Cars.TV, ES.TV, MyDestination.TV, JusticeCentral.TV, and the Local Now streaming service.
His company also owns Entertainment Studios Motion Pictures -- one of the world's leading independent movie finance and theatrical distribution companies. Just recently, he acquired the rights to a new legal drama starring Jennifer Hudson called All Rise.
To learn more about Byron Allen's company, Entertainment Studios, visit http://entertainmentstudios.com/