Fox says it won’t bid for sports networks
Details
Michelle Clancy
| 12 January 2019

Contrary to rumours that have persisted over the last few months media giant Fox has said that it has no intention to bid for the regional sports networks (RSNs) that Disney is putting up for sale.

The 22 RSNs are being divested as part of Disney’s deal to buy the Fox media assets. Disney must spin off the networks to complete the $71B media-asset buy.

The crown jewel is the YES Network, home of the New York Yankees, which is considered to be worth more than $4 billion. The other RSNs are valued by Guggenheim at an average of $860 million each.

In an SEC filing, Fox said it wouldn’t be biting, even though industry-watchers thought that New Fox, the company formed after the Rupert Murdoch-owned company’s reorganisation, would try to buy them back at a discount given the fire sale nature of the divestiture.

Other bidders include Major League Baseball and Sinclair Broadcast Group. And, the New York Yankees are interested in repurchasing the YES Network.