Sinclair snatches Tennis Channel

A year after launching American Sports Network, Sinclair Broadcast Group is going deeper into the biz, nabbing Tennis Channel for $350 million. With its new acquisition boasting rights to 90% of all the televised tennis in the US, the company has already locked in agreements with MVPDs that will boost carriage of Tennis Channel from 30 million to 50 million homes.

“Tennis Channel is an established property with high-quality content and advertisers, and is vastly under-compensated and under-distributed relative to the value it brings to its viewers. It was the only independently-owned major sports network left, and we knew we could unlock value through a tuck-in acquisition,” said David Smith, President and Chief Executive Officer of Sinclair. “The additional subscriber base, which has already been contracted, equates to the creation of approximately $200 million of incremental value at closing. Furthermore, we expect this combination to create additional linear and OTT viewership and advertising growth, and we have the added benefit of continued involvement of Ken Solomon, CEO of Tennis Channel, and a seasoned programming executive.”

“In Sinclair we have found the perfect owner-partner to accelerate scaling the Tennis Channel brand and our sport’s expanding fan-base to the next level. Sinclair’s unique size and position in the media ecosystem will facilitate significant distribution growth towards parity with our competitive set and expand our brand’s assets and unique value as the go-to destination for all things tennis in the U.S. and beyond,” said Ken Solomon, chairman and CEO of the Tennis Channel. “The larger platform will immediately help develop incremental advertising and sponsorship business and puts us in a great position to enhance our already comprehensive rights portfolio domestically as well as develop the brand internationally. We also intend to utilize Sinclair’s advanced branding capabilities, digital expertise and significant broadcast asset platform to drive increased awareness for both Tennis Channel and our successful subscription-based OTT platform, ‘Tennis Channel Plus.’”

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