PE power brokers serve up Tennis Channel to Sinclair for $350M
January 29, 2016
A syndicate of investors including Apollo Global Management, Bain Capital and Battery Ventures has agreed to sell Tennis Channel to Sinclair Broadcast Group (NASDAQ: SBGI) for $350 million. The group was among the company’s initial backers upon its launch in 2003. Sinclair owns or operates 164 television stations, making it the largest owner of local broadcasting channels in the U.S. The acquisition is expected to close 1Q and will increase Tennis Channel’s reach from about 30 million homes to approximately 50 million.