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Media company Sinclair Broadcasting Group is buying Fox's regional sports networks for $9.6 billion.

The Walt Disney Co. agreed to sell the networks to get regulatory approval for its $71 billion acquisition of Fox's entertainment assets, which was completed in March.

The 21 networks include exclusive local rights to 42 professional teams, including 14 Major League Baseball teams, 16 National Basketball Association teams and 12 National Hockey League teams. Hunt Valley, Maryland-based Sinclair is also buying Fox College Sports. The New York Yankees' YES Network is being sold separately by Disney.

Byron Allen, CEO of independent television and film studio Entertainment Studios, will be a partner in Diamond Sports Group, the new Sinclair subsidiary that will incorporate the regional sports networks.

The U.S. Justice Department must approve the sale.

 

American Airlines starts Philadelphia flights

American Airlines will begin nonstop flights from Chattanooga Airport and Philadelphia International Airport on Saturday.

The first nonstop from the Scenic City to Philadelphia launches at 6:50 a.m. Saturday, offering fliers the opportunity to do business and explore one of the nation's most historic cities, officials said.

"When our airlines like American add new routes, they're helping us increase options for our passengers and ultimately contribute to the economic growth of our region," said Chattanooga Airport Chief Executive Terry Hart in a statement.

Flights will leave Chattanooga daily at 6:50 a.m., arriving in Philadelphia at 9:03 a.m.

Service will depart from Philadelphia at 6:35 p.m. and arrive in Chattanooga at 8:49 p.m.

 

Chrysler profit falls, expects improvement

Carmaker Fiat Chrysler Automobiles on Friday reported a 47% drop in profits for the first quarter of the year due largely to changes in production, but expressed confidence that new models will help the U.S.-Italian company meet full-year profit targets.

Net profits fell to 508 million euros ($567 million) from 951 million euros in the same quarter a year earlier, while net revenue sank 5 percent to 24.5 billion euros.

CEO Mike Manley said the rough quarter was expected, and stressed that the carmaker was taking action to address weakness in Europe, which posted a loss of 19 million euros, and Asia, which lost 9 million euros.

"We expect to see sequential quarters improving throughout the year, and as a result we have confidence in our guidance and believe that 2019 will be another solid year for FCA," Manley said.

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