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James Dolan’s MSG Networks in talks on deal to avoid bankruptcy
MSG Networks, the embattled cable TV station that airs New York Knicks and Rangers games, is in talks to reach a deal to avoid bankruptcy as soon as Friday — and insiders speculate that help could be coming from a deep-pocketed media player like Amazon, The Post has learned. The sports channel controlled by billionaire Knicks owner James Dolan — currently blacked out for about 1 million New York-area subscribers because of a contract dispute with the Optimum cable network — is scrambling to restructure its debt with a group of lenders led by JPMorgan who are owed $829 million.
To make a deal happen, sources speculate that MSG will take cash from a new, outside investor to refinance the crippling debt load — and hand over a stake in the cable business in return. No deal would impact Dolan’s ownership of the Knicks and Rangers, the sources added. Chatter is now circulating that one possible solution would be to partner with Amazon, whose Prime video service already has a deal with Diamond Sports, the nation’s largest operator of so-called RSNs, or regional sports networks, to broadcast games for pro sports teams nationwide.
As MSG Networks flails, Dolan himself hasn’t signaled any possible move to refinance the debt himself. Indeed, shares of MSG Networks’ parent company, publicly-traded Sphere Entertainment, have risen 7.5% over the last five days, with investors betting that an MSGN bankruptcy will stem losses and improve its balance sheet, according to analysts.
Besides Pagliuca, current Celtics investor Robert Hale is the only other individual to have publicly expressed his interest in buying the team, as the control person or part of a group. In a text Thursday, Hale reiterated his interest: “Still hanging around the hoop.” Mark Bezos, founding partner of HighPost Capital and brother of Amazon founder Jeff Bezos, expressed interest early in the process.
So far, no mega-billionaire suitors – like Amazon founder Jeff Bezos or Citadel boss Ken Griffin – have emerged, sources told The Post. John Henry’s Fenway Sports Group, which owns the Boston Red Sox, has expressed some interest but has yet to enter the fray, sources said. If he does get involved, Henry might prefer partnering with Pagliuca and combining the Celtics and Sox as opposed to going it alone, one source believes.
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Amazon Prime closing deal to livestream Bally Sports broadcasts of 13 NBA franchises
Amazon is in talks to become a major player in regional sports broadcasting for the NBA, MLB and NHL — with a surprise deal that could shake up the way fans have watched their local teams for decades, The Post has learned. The Seattle-based e-tailing giant headed by Jeff Bezos is in late-stage talks for a contract to livestream on Amazon Prime this coming season all the Bally Sports broadcasts of 13 NBA franchises, as well as five MLB teams and nine NHL teams, sources close to the situation said.
With the new streaming service — which could launch next month with the start of the NHL and NBA seasons — sources said fans will pay about $20 a month for access to their home team’s local games through Prime. Crucially, fans with the Amazon Prime service would no longer need a cable subscription to watch local games.
Jeff Bezos has no interest in bidding for Celtics
Amazon founder Jeff Bezos "has no plans to bid on" the Celtics, according to a source close to Bezos. Sports media "has been abuzz about the possibility" ever since The Ringer's Bill Simmons "gave credence to the rumors" in an episode of his podcast. But according to the source, there’s "zero truth" to the idea that Bezos is interested in bidding on the team.
Jeff Bezos interested in buying the Celtics?
Bill Simmons: In the last few days there's been some I think legitimate buzz about Jeff Bezos buying the Celtics, and I think it's real. I think he's gonna be one of the suitors. Which got me thinking, Jeff Bezos when he's looking at the Celtics, what is he seeing? What does he want? And I think the only way it makes sense is that it's one of the crown jewel franchises. That's why you get it. To him, it would be no different than if you bought this famous gigantic $300 million yacht but I think it's real that he's potentially in the mix for this.
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Bill Simmons: The league wants six billion for the Celtics, six billion, they don't own their arena, it's a crazy price but they're probably going to get it. They want the six billion because they want expansion teams in Seattle and Vegas and then Mexico City's kind of looming as a third team but they want to get six billion a piece for the two franchises for expansion which would mean a check of $400 million to every NBA owner, all 30. They're trying to establish a price with the Celtics team and the Celtics themselves the Grousbeck family.
The deal between Snyder and the group led by Harris, the Philadelphia 76ers co-owner, would end one of the more tumultuous and controversial ownership tenures in modern U.S. sports. Harris’ group includes billionaire Mitchell Rales and former NBA star Magic Johnson. The negotiations, which took place over the last six months, occurred amid the constant specter of whether Jeff Bezos, the world’s third richest man, might submit a bid. Bezos is worth $124 billion, nearly double the NFL’s next richest owner, but never submitted an offer.
Rockets owner Tilman Fertitta bids on NFL's Washington Commanders
Tilman Fertitta, the billionaire business executive who owns the NBA’s Houston Rockets, is involved in the bidding for the Washington Commanders, two people familiar with the situation said Saturday. Fertitta joins a group of prospective buyers that includes Josh Harris, owner of the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils, and Amazon founder Jeff Bezos.
Speaking of that practice, the Nets worked out at Overtime Elite in Atlanta. Kevin Durant — along with the likes of Drake and Amazon owner Jeff Bezos — invested heavily in Overtime, the startup for high school sports. The Nets star took particular joy in seeing the glistening facilities Elite boasts. “Yeah it’s new day, baby. There’s a lot of money put in put it in. It’s incredible,” Durant told The Post. “[This didn’t exist] when I was coming out 15, 16 years ago. So it’s a fairly new idea. For you to see it come to fruition so fast, man its incredible.“Yeah, it’s a very proud moment to walk in here and see all this, because you see where the game is going now. There’s just so many different avenues for these kids to pursue their dream. This [stuff] is incredible. Coming out of high school you’ve got the option to come here and work on your game every day, still go to school if you want, but make some money. It’s a perfect opportunity.”
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