Liberty Media joins bidding for regional sports networks being sold by Disney, sources say
- Disney is selling the networks to complete its deal to acquire movie production and television assets from Twenty-First Century Fox.
- Liberty Media joins Major League Baseball in the bidding, but Sinclair Broadcast, which had been looking to bid, is now said to be out of the process.
Liberty Media has joined the bidding for the regional sports networks that Disney is trying to sell to finalize a deal with Twenty-First Century Fox, sources told CNBC.
Liberty and Major League Baseball have submitted bids in the auction. Disney is selling them in order to complete its $71 billion deal to acquire Fox's movie production and television assets, which included the regional sports networks. That deal is expected to close within weeks.
Last week, CNBC reported that MLB's bid would value the networks at no more than 6.5 times earnings before interest, taxes, depreciation and amortization.
Sinclair Broadcast and the private equity firm Apollo, which had been looking to bid, are now said to be out of the process, though Sinclair may seek to join another bid.
A sale of the sports networks could be a topic of discussion for Disney executives later Tuesday. The company is set to report earnings after the close of trading.