James Dolan isn’t finding a buyer for his MSG Networks sports net, and the reason is simply that the price is too high, according to The New York Post.
“Turning off potential buyers is the fact that the [regional sports network], with a market cap of $1.7 billion and trading at 10 times Ebitda, is not worth the price, a source said,” The Post reports. “MSGN’s shares have risen 42 percent in the past 12 months and closed Monday at $23.05, up 7 cents.”
The report quotes a source close to the situation saying Dolan still wants to sell the business, but the source adds: “Nothing is happening.”
One of the most logical buyers, Fox Sports Networks, reportedly does not want MSG, even though Fox, which already owns the YES Network, could have a dominant presence in New York sports TV by combining the two entities.
MSGN, the only stand-alone, publicly traded RSN, holds the TV rights to the Knicks, Rangers, Devils, Islanders and other sports teams, the report notes.