One of the country’s top regional sports networks is being shopped for a possible sale, according to sources cited by The New York Post. James Dolan’s New York-based MSG Networks is on the market, according to the report.
“The regional sports network, which has the TV rights for the Knicks, Rangers, Devils, Islanders and other sports teams, collects roughly $5 per subscriber per month — among the highest in the country, SNL Kagan said,” The Post reports. “ESPN, a national network, charges $7.86.”
The potential sale is in the early stages, with no guarantee that the company will be sold, the report notes.
The report quotes a source saying: “Dolan’s gone to his friends” to gauge interest.
MSG Networks reportedly reaches about 7 million homes in the New York region and has an enterprise value of $3 billion, including a market cap of $1.7 billion and debt.
The Post report adds: “If a sale happens, Dolan could use the proceeds to help fund a bid for The Garden — the family-controlled entity that owns the Manhattan arena, the Knicks and Rangers and other arenas and venues across the country, sources said.”