21st Century Fox Says It Won't Pursue Fox Regional Sports Networks

Date : 01/11/2019 @ 3:33PM
Source : Dow Jones News
Stock : Twenty-First Century Fox, Inc. (FOXA)
Quote : 48.74  0.35 (0.72%) @ 1:05AM
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21st Century Fox Says It Won't Pursue Fox Regional Sports Networks

Twenty-First Century Fox, Inc. (NASDAQ:FOXA)
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By Allison Prang 

21st Century Fox Inc. said in a securities filing Friday that it has no plans to bid on the Fox regional sports networks that Walt Disney Co. is selling to get approval for its more than $70 billion deal to buy some of Fox's assets.

The Justice Department had decided that Disney -- which is buying film and TV assets from Fox -- had to sell its regional sports networks to limit its power in the sports-TV industry. Disney is the majority owner of ESPN.

Disney has to sell a total of 22 regional sports networks to satisfy the Justice Department. Sinclair Broadcast Group Inc. and the rapper and actor Ice Cube have been among those interested in the networks.

The channels include marquee properties in New York and Los Angeles. Guggenheim Securities valued the regional networks at $25 billion, but some potential bidders and industry observers say they are more likely to fetch between $16 billion to $20 billion, depending on how they are packaged and sold.

Write to Allison Prang at allison.prang@wsj.com

 

(END) Dow Jones Newswires

January 11, 2019 10:18 ET (15:18 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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