LL Cool J and Ice Cube Look to Bid on Sports Channels
LL Cool J and Ice Cube are joining forces as part of a group hoping to bid on 22 regional sports channels that the Justice Department is forcing Disney to sell following their $71 billion acquisition of 21st Century Fox. Officials have said that since Disney is the majority owner of ESPN, they probably shouldn't be permitted to control as many as 22 sports stations as they'll essentially have monopolized the whole market by that point. The two hip-hop artists and business moguls have teamed up with billionaire Carolyn Rafaelian, giving them a huge advantage other bidders -- Apollo Global Management and the Sinclair Broadcast Group. The group is looking to bid on the channels, which includes the New York-based YES Network, which is estimated to be valued at $5 to $6 billion. The deal for all 22 stations is expected to reach as low as $15 billion and as high as $25 billion. Initial bids are expected to take place as soon as today. More here.