The owner of a cable channel has taken the first steps toward a sale of the channel, hiring JPMorgan Chase & Co. to get the ball rolling. Bloomberg reports that sports and entertainment company Madison Square Garden is looking to get rid of its music-TV channel Fuse.
The New York-based company said in an emailed statement: “We have been approached by certain parties expressing interest in Fuse and have retained JPMorgan to explore all strategic alternatives.”
“Selling Fuse would let the company’s TV business focus on its more lucrative sports networks, which broadcast New York Knicks and Rangers games,” the story says.
Macquarie Group analyst Amy Yong said Fuse could be worth $300 million to $400 million in a sale, the story notes.
“Shares of Madison Square Garden, which also owns real estate and sports teams, rose 1.6 percent to $55.99 at the close [Thursday] in New York,” the story adds. “The stock has gained 26 percent this year.”