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Friday, June 11, 2021

Sinclair raising $250M for new sports streaming service, sources say

Sinclair Broadcast Group is quietly raising money for a new service that would stream games by the St. Louis Cardinals, the Dallas Mavericks and scores of other popular sports teams to fans over the Internet, The Post has learned.

The publicly traded media company — which owns exclusive rights to broadcast games for dozens of Major League Baseball, National Basketball Association and National Hockey League teams — is working with investment bank LionTree to raise more than $250 million for the venture, according to two sources with knowledge of the plans.

Sinclair has been telling hedge funds and other potential investors that it aims to charge $23 a month to fans who want to stream games in markets where it owns sports broadcasting rights, sources said.

Fans who live outside of Sinclair’s 21 territories, where it owns broadcasting rights tied to 42 teams, would likely be out of luck.

RoyalsRetro (AG#1F) Posted: June 11, 2021 at 11:14 AM | 6 comment(s)
  Beats: regional sports networks, sinclair, yes network

 

 

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