New York’s MSG Networks have been for sale since April, but apparently, no one has come forward to purchase the channels. James Dolan owns the regional sports networks and has been hoping someone will step forward and make the purchase. But according to the New York Post, potential buyers feel MSG Networks are not worth what Dolan is asking.
Citing a source, the New York Post says Fox Sports, which already owns YES Network, is not interested. Owning YES and MSG would give Fox a stranglehold in the New York cable sports market, but apparently that’s not going to happen.
There’s been talk that Dolan would use the money from the MSG Networks sale to purchase more shares or all of Madison Square Garden which owns the New York Knicks, New York Liberty, and New York Rangers.
MSG Networks hold the rights to those three teams, as well as the New Jersey Devils, New York Red Bulls, and the Buffalo Sabres in Western New York .
MSG Networks were spun off from Madison Sqare Garden in 2015 and are the only publicly-traded regional sports networks. The networks collect roughly $5 per month in subscriber fees, making them one of the most expensive RSNs in the country.
JPMorgan cites concerns about the sale, including lower advertising revenue because of the Knicks’ troubles and lower subscriber fees due to skinny streaming services and outright cord cutting.
Should there be no buyer, there remains the possibility that Dolan could unite both the arena and the regional networks back into one company, but he still hopes that he can still find an entity to buy MSG Networks.
But the fact that he can’t find anyone to buy the channels does reflect the volatile times we’re in for media companies.