Sinclair Broadcast Group Inc. said on Wednesday it had partnered with sports betting company and casino operator Bally's Corp. and was rebranding its 21 Fox regional sports networks under the Bally name.

Under the deal, Sinclair said it would take a 14.9% stake in Bally's and would have the right to raise its stake by another 10% if it meets certain financial targets.

Bally's will gain marketing access across Sinclair's 190 television stations, the two companies said in a joint statement.

Sinclair acquired 22 Fox regional sports networks, including Fox College Sports, in 2019 from Walt Disney Co. for $9.6 billion, a deal which cleared the way for Disney's purchase of Twenty-First Century Fox Inc.'s film and television assets.