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African News Herald > Blog > Business > Exclusive | MSG Networks in talks to avoid bankruptcy –
Business

Exclusive | MSG Networks in talks to avoid bankruptcy –

ANH Team
Last updated: February 1, 2025 2:43 am
ANH Team
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MSG Networks, the cable TV station known for airing New York Knicks and Rangers games, is currently in talks to avoid bankruptcy by reaching a deal with lenders, potentially with the help of a major media player like Amazon. The channel, owned by billionaire James Dolan, has faced financial challenges, including a contract dispute with the Optimum cable network that has led to a blackout for around 1 million New York-area subscribers.

The sports channel defaulted on its loans in October, owing $829 million to lenders led by JPMorgan. Despite multiple payment deadline extensions, the aim now is to finalize a deal rather than simply extending the deadline again.

To address its debt issues, MSG Networks may seek funding from an outside investor to refinance its debt and offer a stake in the cable business in return. Speculation is rife that Amazon could be a potential partner, given its existing agreements with other regional sports networks and its investment in the YES Network, which broadcasts Yankees and Nets games.

A deal with Amazon could provide an alternative to Optimum for MSG Networks, which has suffered revenue losses due to the carriage dispute with the cable provider. The channel’s own streaming service, the Gotham Sports App, has not gained significant traction with subscribers.

Although Dolan has not indicated a personal move to refinance the debt, investors have shown optimism, with Sphere Entertainment’s shares rising in anticipation of a potential deal that could improve MSG Networks’ financial position.

If a deal is not reached and MSG Networks files for bankruptcy, lenders would likely take over operations while continuing to air games. However, a bankruptcy could increase the likelihood of a new agreement with Optimum, potentially leading to lower fees for carrying games.

See also  Teary MSNBC anchor Joy Reid remains defiant as she breaks silence after firing: 'I'm not sorry'

The cable network’s financial challenges stem from declining revenue from cable providers and high broadcasting costs for Knicks and Rangers games. Negotiations with Verizon’s Fios, whose contract expires in September, also pose additional challenges.

In a potential bankruptcy scenario, new owners could renegotiate media rights deals for Knicks and Rangers games to alleviate financial strain. Dolan may consider lowering rights fees as part of a broader strategy to keep MSG Networks solvent and financially stable.

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