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Copyright © 2016. No duplication is permitted without permission from Bob Larson Tennis.
The Tennis Channel has been sold to the Sinclair Group for $350 million.
The agreement will include $200 million in subsequent tax write-offs, which was estimated by the parties to have a current worth of $65 million.
“Sinclairs unique size and position in the media ecosystem will facilitate significant distribution growth towards parity with our competitive set and expand our brands assets and unique value,” said Tennis Channel CEO Ken Solomon in a statement.
Solomon stated on a conference call to media he will stay as CEO of the channel.
Sinclair Group is the largest owner of local stations in the United States. It has been described as be looking to expand its range of properties. The two were said to be in talks by the Wall Street Journal about four months ago, with the Tennis Channel looking for $500 million. Solomon subsequently said the network, formed in 2003, was not actively looking to sell.
The majority owners of the Tennis Channel were a group of five venture capital companies. All previous owners have sold their stock.
Copyright © 2016. No duplication is permitted without permission from Bob Larson Tennis.
