Just when you thought you had gotten rid of Sinclair dealing with regional sports, the broadcaster looks to be preparing to take another swing.
According to Lauren Thomas and Joe Flint of The Wall Street Journal, Sinclair appears to be sizing up the E.W. Scripps for purchase after acquiring an 8 percent stake in the local broadcaster.
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Sinclair, who owns the Tennis Channel and has a 50 percent stake in the Chicago-based Marquee Sports Network, used to own the regional sports networks under the Bally Sports label, as well as the wrestling promotion Ring of Honor (ROH). The regional sports networks were mostly divested during Chapter 11 bankruptcy proceedings of its wholly-owned subsidiary, Diamond Sports Holdings, and are now called FanDuel Sports Network. Sinclair owned ROH from 2011 until was sold in 2022 to Tony Khan, the owner of All Elite Wrestling (AEW).
Scripps owns the Ion broadcasting network, which has media rights for both the WNBA and NWSL. In addition, four NHL teams: the Florida Panthers, Tampa Bay Lightning, Utah Mammoth, and Vegas Golden Knights, currently have broadcasting deals with Scripps. Both Florida and Tampa Bay used to air their games on Bally Sports networks prior to their respective deals with Scripps, as did the Mammoth when they were the Arizona Coyotes.
According to a report by Sports Business Journal, multiple entities attempt to purchase the Tennis Channel from Sinclair at a price of at least $1 billion. However, all offers were summarily rejected by chairman David Smith. Sinclair purchased the Tennis Channel in 2016 for $350 million.
Any takeover deal of Scripps by Sinclair would most likely require FCC approval.
In a statement released Monday, Scripps says its board “will continue to evaluate any transactions and other alternatives that would enhance the value of the company and would be in the best interest of all company shareholders.”
