Disney announced after the close on Friday that they reached a deal to sell the remaining 21 of the 22 regional sports networks that they had acquired from Fox. They announced the sale of the other RSN, the YES network, a few weeks ago. The company was required by the DoJ to sell the RSN’s (w/in 90 days of the deal closing) due to their ownership in ESPN. They received $10.6B for the networks, which was in the range of what was expected. This, along with the $15B raised from selling Fox’s 39% in Sky to Comcast, should help bring Disney’s leverage ratio below 2x.
Sarah Kanwal
Equity Analyst, Director
Direct: 617.226.0022
Fax: 617.523.8118
Crestwood Advisors
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Boston, MA 02109