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Sinclair raising $250M for new sports streaming service, sources say

Mount Equity Group Tokyo, Japan > News > Business > Sinclair raising $250M for new sports streaming service, sources say

Sinclair Broadcast Group is quietly raising money for a new service to stream Major League Baseball, National Basketball Association and National Hockey League games to fans over the Internet, The Post has learned.

The publicly traded media company — which owns exclusive rights to broadcast games for teams like the St. Louis Cardinals and the Dallas Mavericks — is working with investment bank LionTree to raise more than $250 million for the venture, according to two sources with knowledge of the plans.

Sinclair has been telling hedge funds and other potential investors that it aims to charge $23 a month to fans who want to stream games in markets where it owns sports broadcasting rights, sources said.

Fans who live outside of Sinclair’s 21 territories, where it owns broadcasting rights tied to 42 teams, would likely be out of luck.

The service, which Sinclair hopes to launch at the start of the baseball season next year, stands to be a game-changer for fans — and a major nuisance for the cable industry.

“This is a major, major development,” a director for a non-Sinclair RSN told The Post. “And if Sinclair is successful it will change