Investors are joining Sinclair Broadcast Group's big bet on sports and sports gambling
Sinclair Broadcast Group Inc. headquarters in Cockeysville, Maryland, Photographer: Andrew Harrer/BloombergInvestors were loving Sinclair Broadcast Group's big bet on the future of sports, and sports gambling, sending the company's stock up 30 percent in early trading on Monday.
It's a big bet, part of a big transformation for Sinclair, which last summer was stunned when regulators blocked its $3.9 billion acquisition of Tribune Media. Sinclair, with about 200 stations under its control, would have had too large a share of the broadcast sector, regulators ruled. “We also see this as an opportunity to realize cross-promotional collaboration, and synergistic benefits related to programming and production.”
to outlets such as Amazon, Disney and AT&T as those companies jostle for position in the increasingly competitive online-streaming space. Sinclair already owns The Tennis Channel, which holds rights to many of the major tennis tournaments held around the world. Tennis, with its numerous breaks and game-match-set structure, is ideal for lots of prop bets. But many popular American sports, most notably football and baseball, but even more fluid and fast-paced sports such as basketball, can also become a lucrative source of legal betting.Ring of Honor Wrestling and high school sports programming on its local stations.
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