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Hoynes: Indians Close to selling STO to FOX

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The Indians obviously want in on the new local TV revenue boom.

David Richard-US PRESSWIRE

Paul Hoynes is reporting that the Indians are close to selling STO to FOX, who already own FoxSports Ohio:

NASHVILLE, Tenn. -- Fox Sports Ohio is close to purchasing SportsTime Ohio for between $200 million and $250 million, said a source familiar with the negotiations. The sale could be completed by the end of December and would increase the Indians' rights fees for broadcasting their games from $30 million to an estimated $40 million a year.

From the Indians' standpoint, this would probably increase the local TV revenue, as until now they've been mainly paying themselves rights fees through STO. Purchasing STO would give FOX practically all the rights to Ohio sports teams, whether it be the Indians, Cavs, Blue Jackets, Reds, the MAC, or the OHSAA.

More to come...