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DSG & DTC Combined Financial Model: Case 1 FRE 408 For Settlement Discussion Only 1 Below reflects management estimates of DSG performance including launch of DTC within DSG; DTC model reflects Case 1 ($ millions) 2022E 2023E 2024E 2025E 2026E 2027E DSG Distribution Revenue $2,560 $2,518 $2,479 $2,435 $2,405 $2,389 Advertising and Other Revenue 447 474 507 516 544 552 (+) Adjustment for Allocation to DTC (17) (19) (22) (24) (25) (26) Adj. Advertising and Other Revenue 430 454 485 492 519 526 Total Revenue $2,991 $2,972 $2,964 $2,926 $2,923 $2,915 EBITDA 1 $411 $372 $336 $270 $228 $185 (+) Adjustment for Allocation to DTC 50 52 50 51 50 50 Adj. EBITDA 1 $461 $424 $387 $321 $278 $235 Memo: Management and Incentive Fee Cash $48 $51 $60 $49 $49 $47 Management and Incentive Fee Deferral 100 102 99 87 89 92 DTC Average Paid Streaming / Features Subscribers (000s) 2 332 1,705 2,959 4,133 5,020 5,880 Revenue $111 $409 $667 $909 $1,108 $1,285 EBITDA (125) (14) 81 191 253 307 DSG + DTC Total Revenue $3,101 $3,382 $3,631 $3,836 $4,031 $4,200 Total Adj. EBITDA 1 336 410 467 512 531 543 Capex DSG ($25) ($20) ($20) ($10) ($10) ($10) DTC (5) (2) (2) (2) (2) (2) Total Capex ($30) ($22) ($22) ($12) ($12) ($12) Other Cash Flow Items Term Loan B - Scheduled Debt Amortization 3 ($33) ($33) ($33) ($33) ($33) ($33) Cash Distributions from Equity Investments 59 63 63 63 63 63 Cash Distributions to JV Partners (85) (67) (59) (51) (51) (46) Distributor Rebates (186) -- -- -- -- -- Working Capital / Non-Cash Items (37) 2 12 16 (7) (25) Note: DSG estimated 12/31/21 cash balance of $434mm Note: Cash sports rights payments expected to grow ~2-3% annually off a basis of 2021E cash sports rights payments of $2.0bn (adjusted for $111mm rebate in 2021) 1. Includes benefit of cash management fee deferral 2. Average Paid Streaming / Features Subscribers based on the sum of the average monthly subscribers during which DTC is projected to be in market 3. Assumes Term Loan B extended post-maturity in 2026 at current terms

DSG & DTC Combined Financial Model: Case 2 FRE 408 For Settlement Discussion Only 2 Below reflects management estimates of DSG performance including launch of DTC within DSG; DTC model reflects Case 2 ($ millions) 2022E 2023E 2024E 2025E 2026E 2027E DSG Distribution Revenue $2,560 $2,518 $2,479 $2,435 $2,405 $2,389 Advertising and Other Revenue 447 474 507 516 544 552 (+) Adjustment for Allocation to DTC (17) (19) (22) (24) (25) (26) Adj. Advertising and Other Revenue 430 454 485 492 519 526 Total Revenue $2,991 $2,972 $2,964 $2,926 $2,923 $2,915 EBITDA 1 $396 $357 $321 $255 $210 $164 (+) Adjustment for Allocation to DTC 50 52 50 51 50 50 Adj. EBITDA 1 $446 $409 $372 $306 $260 $214 Memo: Management and Incentive Fee Cash $63 $66 $75 $64 $68 $68 Management and Incentive Fee Deferral 85 87 84 72 71 70 DTC Average Paid Streaming / Features Subscribers (000s) 2 332 2,560 4,329 6,065 7,350 8,609 Revenue $214 $557 $894 $1,221 $1,476 $1,711 EBITDA (64) 31 148 285 371 444 DSG + DTC Total Revenue $3,205 $3,530 $3,859 $4,148 $4,399 $4,626 Total Adj. EBITDA 1 382 440 520 591 630 658 Capex DSG ($25) ($20) ($20) ($10) ($10) ($10) DTC (5) (2) (2) (2) (2) (2) Total Capex ($30) ($22) ($22) ($12) ($12) ($12) Other Cash Flow Items Term Loan B - Scheduled Debt Amortization 3 ($33) ($33) ($33) ($33) ($33) ($33) Cash Distributions from Equity Investments 59 63 63 63 63 63 Cash Distributions to JV Partners (85) (67) (59) (51) (51) (46) Distributor Rebates (186) -- -- -- -- -- Working Capital / Non-Cash Items (37) 2 12 16 (7) (25) Note: DSG estimated 12/31/21 cash balance of $434mm Note: Cash sports rights payments expected to grow ~2-3% annually off a basis of 2021E cash sports rights payments of $2.0bn (adjusted for $111mm rebate in 2021) 1. Includes benefit of cash management fee deferral 2. Average Paid Streaming / Features Subscribers based on the sum of the average monthly subscribers during which DTC is projected to be in market 3. Assumes Term Loan B extended post-maturity in 2026 at current terms

DSG & DTC Combined Financial Model: Case 3 FRE 408 For Settlement Discussion Only 3 Below reflects management estimates of DSG performance including launch of DTC within DSG; DTC model reflects Case 3 ($ millions) 2022E 2023E 2024E 2025E 2026E 2027E DSG Distribution Revenue $2,560 $2,518 $2,479 $2,435 $2,405 $2,389 Advertising and Other Revenue 447 474 507 516 544 552 (+) Adjustment for Allocation to DTC (17) (19) (22) (24) (25) (26) Adj. Advertising and Other Revenue 430 454 485 492 519 526 Total Revenue $2,991 $2,972 $2,964 $2,926 $2,923 $2,915 EBITDA 1 $396 $357 $301 $235 $193 $150 (+) Adjustment for Allocation to DTC 50 52 50 51 50 50 Adj. EBITDA 1 $446 $409 $352 $286 $243 $200 Memo: Management and Incentive Fee Cash $63 $66 $95 $84 $84 $82 Management and Incentive Fee Deferral 85 87 64 52 54 57 DTC Average Paid Streaming / Features Subscribers (000s) 2 332 4,250 7,600 11,304 13,653 16,074 Revenue $279 $859 $1,454 $2,087 $2,474 $2,871 EBITDA (36) 150 394 678 877 1,034 DSG + DTC Total Revenue $3,270 $3,831 $4,418 $5,014 $5,397 $5,787 Total Adj. EBITDA 1 410 559 746 964 1,121 1,235 Capex DSG ($25) ($20) ($20) ($10) ($10) ($10) DTC (5) (2) (2) (2) (2) (2) Total Capex ($30) ($22) ($22) ($12) ($12) ($12) Other Cash Flow Items Term Loan B - Scheduled Debt Amortization 3 ($33) ($33) ($33) ($33) ($33) ($33) Cash Distributions from Equity Investments 59 63 63 63 63 63 Cash Distributions to JV Partners (85) (67) (59) (51) (51) (46) Distributor Rebates (186) -- -- -- -- -- Working Capital / Non-Cash Items (37) 2 12 16 (7) (25) Note: DSG estimated 12/31/21 cash balance of $434mm Note: Cash sports rights payments expected to grow ~2-3% annually off a basis of 2021E cash sports rights payments of $2.0bn (adjusted for $111mm rebate in 2021) 1. Includes benefit of cash management fee deferral 2. Average Paid Streaming / Features Subscribers based on the sum of the average monthly subscribers during which DTC is projected to be in market 3. Assumes Term Loan B extended post-maturity in 2026 at current terms

DTC Financial Model: Case 1 FRE 408 For Settlement Discussion Only 4 Total Users / Average Paying Subs 2022E 2023E 2024E 2025E 2026E 2027E Free / TV Everywhere Users (000s) 1 6,748 8,197 8,736 9,050 9,316 9,637 Features Subscribers (000s) 2 67 623 1,104 1,619 2,025 2,433 Streaming Subscribers (000s) 3 309 1,081 1,856 2,514 2,995 3,446 ($ in millions) Revenues 2022E 2023E 2024E 2025E 2026E 2027E Streaming Subscription Revenue $75 $243 $412 $553 $656 $753 Features Only Subscription Revenue 4 33 59 87 109 131 Advertising and Other Revenue 31 133 195 270 343 401 Total Revenue $111 $409 $667 $909 $1,108 $1,285 YoY % Growth 270% 63% 36% 22% 16% Total Cost of Revenue 4 $11 $40 $69 $93 $112 $129 Gross Margin $99 $369 $598 $816 $996 $1,156 Expenses 2022E 2023E 2024E 2025E 2026E 2027E Operating Expenses 5 $84 $223 $330 $419 $491 $568 Fixed Expenses 6 140 159 187 206 252 281 Total Expenses $224 $383 $517 $625 $743 $849 YoY % Growth 71% 35% 21% 19% 14% Adj. EBITDA ($125) ($14) $81 $191 $253 $307 EBITDA Margin nm nm 12% 21% 23% 24% CapEx $5 $2 $2 $2 $2 $2 Operating Cash Flow ($000s) ($130) ($16) $78 $189 $251 $305 1. Assumes 2022 full year availability of the Bally Sports app 2. Assumes October 2022 launch of Features Only Subscription product (2022 Average Paying Subs is over three month period) 3. Assumes April 2022 launch of Streaming Subscription product (2022 Average Paying Subs is over nine month period) 4. Total Cost of Revenue includes local Entertainment Taxes (e.g. Chicago Entertainment Tax), Platform Fees (e.g. Apple, Google), and Credit Card Fees 5. Operating Expenses include Employee Expenses, Marketing Expenses, Production Expense, Acquired Content Expenses, Streaming Costs, and other G&A 6. Fixed Expenses include Product Development and League / Team Digital Fees Note: DTC Case 1 includes the DTC rights that DSG currently possesses; does not include any benefit from fan engagement driven by sports betting legalization; weighted-average customer acquisition cost in 2027 projected to be approximately $58.00 per new inorganic subscription download

DTC Financial Model: Case 2 FRE 408 For Settlement Discussion Only 5 Total Users / Average Paying Subs 2022E 2023E 2024E 2025E 2026E 2027E Free / TV Everywhere Users (000s) 1 6,748 8,197 8,736 9,050 9,316 9,637 Features Subscribers (000s) 2 168 851 1,524 2,261 2,873 3,463 Streaming Subscribers (000s) 3 683 1,709 2,805 3,804 4,477 5,146 ($ in millions) Revenues 2022E 2023E 2024E 2025E 2026E 2027E Streaming Subscription Revenue $175 $372 $604 $807 $946 $1,084 Features Only Subscription Revenue 7 47 85 126 161 194 Advertising and Other Revenue 32 138 206 288 370 433 Total Revenue $214 $557 $894 $1,221 $1,476 $1,711 YoY % Growth 160% 60% 37% 21% 16% Total Cost of Revenue 4 $26 $60 $99 $134 $159 $184 Gross Margin $188 $497 $795 $1,087 $1,317 $1,527 Expenses 2022E 2023E 2024E 2025E 2026E 2027E Operating Expenses 5 $112 $303 $448 $576 $668 $771 Fixed Expenses 6 140 163 199 226 278 312 Total Expenses $252 $466 $647 $802 $946 $1,083 YoY % Growth 85% 39% 24% 18% 14% Adj. EBITDA ($64) $31 $148 $285 $371 $444 EBITDA Margin nm 6% 17% 23% 25% 26% CapEx $5 $2 $2 $2 $2 $2 Operating Cash Flow ($000s) ($69) $28 $146 $283 $368 $442 1. Assumes 2022 full year availability of the Bally Sports app 2. Assumes October 2022 launch of Features Only Subscription product (2022 Average Paying Subs is over three month period) 3. Assumes April 2022 launch of Streaming Subscription product (2022 Average Paying Subs is over nine month period) 4. Total Cost of Revenue includes local Entertainment Taxes (e.g. Chicago Entertainment Tax), Platform Fees (e.g. Apple, Google), and Credit Card Fees 5. Operating Expenses include Employee Expenses, Marketing Expenses, Production Expense, Acquired Content Expenses, Streaming Costs, and other G&A 6. Fixed Expenses include Product Development and League / Team Digital Fees Note: DTC Case 2 assumes rights for additional teams at launch for which DSG has linear rights; does not include any benefit from fan engagement driven by sports betting legalization; weighted- average customer acquisition cost in 2027 projected to be approximately $58.00 per new inorganic subscription download

DTC Financial Model: Case 3 FRE 408 For Settlement Discussion Only 6 Total Users / Average Paying Subs 2022E 2023E 2024E 2025E 2026E 2027E Free / TV Everywhere Users (000s) 1 6,748 8,197 8,736 9,050 9,316 9,637 Features Subscribers (000s) 2 235 1,275 2,466 3,917 5,219 6,372 Streaming Subscribers (000s) 3 975 2,975 5,133 7,387 8,434 9,702 ($ in millions) Revenues 2022E 2023E 2024E 2025E 2026E 2027E Streaming Subscription Revenue $237 $635 $1,074 $1,506 $1,706 $1,951 Features Only Subscription Revenue 9 75 149 243 325 399 Advertising and Other Revenue 33 148 231 338 443 521 Total Revenue $279 $859 $1,454 $2,087 $2,474 $2,871 YoY % Growth 207% 69% 44% 19% 16% Total Cost of Revenue 4 $35 $102 $176 $252 $293 $338 Gross Margin $244 $756 $1,278 $1,835 $2,181 $2,533 Expenses 2022E 2023E 2024E 2025E 2026E 2027E Operating Expenses 5 $139 $428 $654 $882 $963 $1,113 Fixed Expenses 6 140 178 230 275 341 385 Total Expenses $280 $606 $884 $1,158 $1,304 $1,499 YoY % Growth 117% 46% 31% 13% 15% Adj. EBITDA ($36) $150 $394 $678 $877 $1,034 EBITDA Margin nm 17% 27% 32% 35% 36% CapEx $5 $2 $2 $2 $2 $2 Operating Cash Flow ($000s) ($41) $147 $392 $675 $875 $1,032 1. Assumes 2022 full year availability of the Bally Sports app 2. Assumes October 2022 launch of Features Only Subscription product (2022 Average Paying Subs is over three month period) 3. Assumes April 2022 launch of Streaming Subscription product (2022 Average Paying Subs is over nine month period) 4. Total Cost of Revenue includes local Entertainment Taxes (e.g. Chicago Entertainment Tax), Platform Fees (e.g. Apple, Google), and Credit Card Fees 5. Operating Expenses include Employee Expenses, Marketing Expenses, Production Expense, Acquired Content Expenses, Streaming Costs, and other G&A 6. Fixed Expenses include Product Development and League / Team Digital Fees Note: DTC Case 3 includes same number of teams at launch as Case 2 and reflects lower churn in line with current comparable businesses and higher take rates compared to Case 2 driven by sports betting legalization; weighted-average customer acquisition cost in 2027 projected to be approximately $58.00 per new inorganic subscription download