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Reds Get Equity Stake In FS Ohio As Part Of New 15-Year TV Rights Extension

The Reds and FS Ohio have "cemented a new 15-year pact" that will run through the '32 season and comes with an "equity stake in the network" for the club, according to Zach Buchanan of the CINCINNATI ENQUIRER. The size of that ownership stake "was not disclosed, nor were any other terms of the deal." Reds COO Phil Castellini said that it "represents a 'nice increase' in yearly television rights fees, but is still a small-market deal when compared to other recent TV deals." The Reds’ current deal has guaranteed them $30M a year since '07. Buchanan reports the Reds had worked with TV rights consulting firm Bevilacqua Helfant Ventures and "poured lots of research into what it would take to get their own network up and running." However, that was "deemed too difficult, especially in terms of negotiating distribution fees from cable providers and putting their network in enough homes within the market." By renewing with FS Ohio, the Reds can "take advantage of its parent company's large distribution network and experience running" RSN's across the country. Castellini said that "adding an ownership stake gives both parties 'skin in the game.'" He said that the "on-field fortunes of the team did not much affect the negotiation of the new deal." But Castellini did suggest that "lagging interest did take somewhat of a toll." Castellini: "We had a dip in attendance, and as such a dip in revenue. So it's not quite the windfall we hoped it would be" (CINCINNATI ENQUIRER, 10/20). In Cincinnati, Steve Watkins noted FS Ohio has "been broadcasting Reds games" since '98. In addition to broadcasting about 150 Reds games a year, the net "produces pre- and post-game shows, spring training games, Reds Weekly and other original programming" (BIZJOURNALS.com, 10/19).

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