21st Century Fox

Media companies' newest wager: Their commitment to sports betting

Illustration: Aïda Amer/Axios

The legalization of sports betting has opened up new business opportunities for some of America's biggest media companies, forcing them to decide just how far they want to wade into the world of sports books.

Why it matters: Striking the right balance between leaning into betting — and not alienating casual fans or compromising journalistic principles — will force the establishment of new media boundaries.

Report: Sinclair clinches deal for Disney's regional sports networks

Photo by Bastiaan Slabbers/NurPhoto via Getty Images

Sinclair Broadcasting has reached a $10 billion agreement to purchase 21 regional sports networks from Walt Disney Co., according to The Wall Street Journal, with a formal announcement coming as early as tomorrow.

Why it matters: The price is only about half of what was originally sought by Disney, which needed to sell the RSNs as a condition of its recent purchase of 21st Century Fox's entertainment assets. It's also is a huge boost to Sinclair, a right-wing local broadcaster that last year was blocked from buying Tribune Media after allegedly lying to the Federal Communications Commission.

Go deeper: Sinclair plots national expansion