Sinclair to buy regional Fox Sports networks for $9.6B

Media company Sinclair Broadcasting Group will buy Fox's regional sports networks for $9.6 billion

NEW YORK -- Media company Sinclair Broadcasting Group is buying Fox's regional sports networks for $9.6 billion.

The Walt Disney Co. agreed to sell the networks to get regulatory approval for its $71 billion acquisition of Fox's entertainment assets, which was completed in March.

Byron Allen, CEO of independent television and film studio Entertainment Studios, will be a partner in Diamond Sports Group, the new Sinclair subsidiary that will incorporate the regional sports networks.

The U.S. Justice Department must approve the sale.