Sinclair Broadcast Group and Chicago Cubs Announce Joint Venture, Will Launch Marquee Sports Network
New Regional Sports Network Will Be Exclusive Television Home of the Cubs
BALTIMORE and CHICAGO, Feb. 13, 2019 /PRNewswire/ -- Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) (the "Company" or "Sinclair") and the Chicago Cubs ("the Cubs") today announced the formation of a joint venture that will own and operate Marquee Sports Network ("Marquee"), a regional sports network ("RSN") based in Chicago, Illinois. Marquee will be the Chicago-region's exclusive network for fans to view live Cubs games beginning with the 2020 Major League Baseball season and will also feature exclusive Cubs content and other local sports programming. In addition to the execution of the joint venture agreement, the Cubs simultaneously entered into a long-term rights agreement with Marquee.
"This partnership brings together one of the most iconic sports franchises in the country with one of the largest television broadcasting companies," commented Chris Ripley, President and CEO of Sinclair. "It is hard to imagine any content that is more unique and valuable than the live sports entertainment the Cubs have been delivering to their fans for more than a century. Sinclair's strength in production, distribution and local sales will support bringing more content to more viewers, all while leveraging the latest technology."
"Providing an enhanced experience for our fans is at the heart of everything we do. We are excited to better serve our fans with expanded and exclusive programming showcasing our remarkable players, beloved ballpark and storied past," said Crane Kenney, President of Business Operations for the Cubs. "Our dedicated 'Cubs-centric' network will carry all available Cubs games and feature uncompromising, in-depth and behind-the-scenes coverage."
About Sinclair:
Sinclair is one of the largest and most diversified television broadcasting companies in the country. The Company owns, operates and/or provides services to 191 television stations in 89 markets. Sinclair is a leading local news provider in the country and operates the greatest number of award-winning news rooms in the industry and is dedicated to impactful journalism with a local focus. The Company has multiple national networks, live local sports production, as well as stations affiliated with all the major networks. Sinclair's content is delivered via multiple-platforms, including over-the-air, multi-channel video program distributors, and digital platforms. The Company regularly uses its website as a key source of Company information which can be accessed at www.sbgi.net.
About the Chicago Cubs:
The Chicago Cubs franchise, a charter member of Major League Baseball's National League since 1876, has won the National League pennant 17 times and was the first team to win back-to-back World Series titles in the 1907 and 1908 seasons. In 2016, the Chicago Cubs made history again when the team won its first World Series in 108 years, ending the longest championship drought in North American sports. Known for its ivy-covered outfield walls, hand-operated scoreboard and famous Marquee, iconic Wrigley Field has been the home of the Chicago Cubs since 1916 and is the second oldest ballpark in Major League Baseball. In 2009, the Ricketts family assumed ownership of the Chicago Cubs and established three main goals for the organization: Win the World Series, Preserve and Improve Wrigley Field, and Be a Good Neighbor. For more information, visit www.cubs.com.
Forward-Looking Statements:
The matters discussed in this news release, particularly those in the section labeled "Outlook," include forward-looking statements regarding, among other things, future operating results. When used in this news release, the words "outlook," "intends to," "believes," "anticipates," "expects," "achieves," "estimates," and similar expressions are intended to identify forward-looking statements. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including, but not limited to, the impact of changes in national and regional economies, the volatility in the U.S. and global economies and financial credit markets which impact our ability to forecast, our ability to integrate acquired businesses and maximize operating synergies, our ability to obtain necessary governmental approvals for announced acquisitions and to satisfy other closing conditions, successful execution of outsourcing agreements, pricing and demand fluctuations in local and national advertising, volatility in programming costs, the market's acceptance of new programming, our news share strategy, our local sales initiatives, the execution of retransmission consent agreements, our ability to identify and consummate investments in attractive non-television assets and to achieve anticipated returns on those investments once consummated, and any other risk factors set forth in the Company's most recent reports on Form 10-Q, Form 10-K and Form 8-K, as filed with the Securities and Exchange Commission. There can be no assurances that the assumptions and other factors referred to in this release will occur. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements except as required by law.
SOURCE Sinclair Broadcast Group, Inc.
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