SFX to sell global rights to broadcast U.S. tennis
Thursday, July 6th 2000, 12:00 am
By: News On 6
NEW YORK â€“ SFX Entertainment Inc., the No. 1 producer of concerts and live events, has signed a four-year deal with the U.S. Tennis Association to secure rights to international television broadcasts, the association said Wednesday.
Although the price was not announced, Sports Business Journal reported that the deal was worth $85 million.
Under the agreement, New York-based SFX will be the association's sole representative for the sale of rights to the U.S. Open for four years, starting next year.
The agreement includes all areas outside the United States, except Japan.
SFX and the association will create the U.S. Open Radio Network, through Clear Channel Communications Inc.
Based in San Antonio, the radio station operator is in the process of acquiring SFX. SFX and the association are in discussions to produce hourly live radio broadcasts during the two weeks of the U.S. Open.
SFX shares fell 56 cents Wednesday to $43.69.
The announcement was made after the close of regular U.S. trading.