While the Bally Sports regional sports networks are troubled, it is important to know that they are owned by Sinclair Inc. subsidiary Diamond Sports Network; the Bally name is used under license from a gaming and casino giant that Standard General has an ownership stake in.
Now, the Soo Kim-led investment house is acquiring all of Bally’s outstanding shares.
According to The Wall Street Journal, Standard General, owner of the Deb McDermott-helmed Standard Media, has engineered a stock acquisition that will increase its roughly 25% interest in Bally to 100%. Standard General is paying $18.25 per share; a March 2024 bid put the price at $15 per share.
Bally stock was priced at $16.91 just after Friday’s Opening Bell.
Once the stock acquisition is complete, Bally’s will merge with the Queen Casino & Entertainment. Closing is expected before June 30, 2025.
