Sinclair Broadcast Group acquires Tennis Channel
BALTIMORE (AP) Sinclair Broadcast Group is acquiring Tennis Channel.
Sinclair announced Wednesday that it is buying the cable network's stock for $350 million. In a news release, Sinclair says it estimates the deal will reduce future tax payments by about $65 million as it carries forward over $200 million of Tennis Channel's net operating losses.
Tennis Channel launched in 2003 and owns rights to Grand Slam tournaments along with top ATP and WTA tour events, Davis Cup and Fed Cup.
Sinclair owns, operates or provides services to 171 television stations in 81 markets. It has already negotiated agreements with providers to increase Tennis Channel's distribution from about 30 million to around 50 million homes.