The Ilitch organization has reserved five company names related to a Detroit Tigers and Red Wings regional sports network that's been under consideration for the past three years.
The recent filings with the state of Michigan signal that the plan could be moving forward or is at least still on the table. They also come on the tail end of a long-term agreement with Fox Sports Detroit to air the games of each Ilitch-owned professional sports franchise.
In August, the Ilitches reserved the names of the potential LLCs through the Michigan Department of Licensing and Regulatory Affairs, according to agency records. Several of the names — including "Detroit Sports Network LLC," "365 Detroit Sports LLC" and "IC Sports Detroit LLC" — were renewed Feb. 24.
The reserved names for Michigan LLCs follow the organization's moves to seek federal trademark protection and website domain names for the television network in 2018. Christopher Ilitch, president and CEO of Ilitch Holdings, told Crain's in May 2019 he was still "evaluating and studying" the possibility of launching a new network to carry the games of the two professional sports teams.
It is unclear whether the Ilitches' new LLC name registrations are just protection for an enterprise that only might come to fruition, a power play in its negotiations with Fox Sports or truly the groundwork for a new RSN in Detroit.
"Fox Sports Detroit is a great partner, and we look forward to continued discussions with Sinclair Broadcast Group, which acquired the Fox RSN's several years ago," Ilitch Holdings said in a statement. "At the same time, we are truly unique in the industry, having two historic sports franchises that can provide year-round content and programing. This positions us to continue exploring the launch of what we believe would be a highly successful regional sports network, which could include dynamic digital and streaming programming for our fans."
Fox Sports Detroit has been the primary TV home of the Tigers and Red Wings since the network launched in 1997. A 10-year broadcasting rights deal with Fox Sports is believed to expire this year, Crain's has reported, although neither the network nor the Ilitches have confirmed that.
Fox Sports, which was acquired with 20 other RSNs by Sinclair Broadcast Group in 2019, also has rights to games for the Detroit Pistons, which play at Ilitch-controlled Little Caesars Arena. The NBA team, owned by Tom Gores, has a separate deal with Fox Sports.
Fox Sports pays an estimated $50 million annually to air Tigers games and $30 million per year for Red Wings games. The value of broadcast rights has soared in the past decade and become increasingly complex with the advent of streaming and sports gambling. TV money also has become the primary source of revenue for sports teams amid a pandemic that's kept stadiums largely empty for the past year.
Restrictions have been especially stringent in Michigan. Starting Friday, large indoor entertainment venues can host up to 750 fans, while large outdoor venues are capped at 1,000. The Pistons announced they will welcome back fans starting March 17, marking the first time a pro sports team in Detroit has opened its stadium to the public for a game since the pandemic started a year ago.
If capacity limitations remain as they are now, the 41,083-seat Comerica Park will be restricted to 1,000 people for Tigers' Opening Day on April 1.
The Tigers were estimated to have a net income loss of $84 million last year, according to a presentation made by the league to the players' union in May.
The team's typical annual revenue is $276 million, according to Forbes. About 40 percent of that usually comes from ticket and concession sales, while millions of dollars in parking revenue also goes to the Ilitch organization.
Launching a regional sports network comes with significant upstart costs but potential to capture a lot more revenue broadcasting games. While Sinclair-owned Fox Sports remains the largest RSN group, there are more than a dozen independent RSNs. For example, Altitude Sports and Entertainment is operated by Kroenke Sports & Entertainment, which owns the Denver Nuggets and Colorado Avalanche.
Last year, the Chicago Cubs launched a joint venture with Sinclair to run an RSN anchored by coverage of Cubs baseball.
"company" - Google News
March 06, 2021 at 02:49AM
https://ift.tt/3c7YaYP
Ilitches register company names for potential Tigers, Red Wings regional sports network - Crain's Detroit Business
"company" - Google News
https://ift.tt/33ZInFA
https://ift.tt/3fk35XJ
Bagikan Berita Ini
0 Response to "Ilitches register company names for potential Tigers, Red Wings regional sports network - Crain's Detroit Business"
Post a Comment