SportsNet New York (SNY), the regional sports network that televises New York Mets live game broadcasts and coverage surrounding New York Jets football, is reportedly exploring deals for new financial backers, which could include an outright sale. The network is reportedly working with bankers at Moelis on executing the process, according to a report from Lauren Thomas of The Wall Street Journal. Furthermore, it is expected to interest potential investors that could include other regional sports networks and private equity firms.
Mets owner and Point72 Ventures chairman Steven A. Cohen is reported as someone who would likely be interested as well. The network is still controlled by the Wilpon and Katz families, who had previous majority ownership of the Mets under the Sterling Equities investment firm, and is also partially owned by Charter Communications and Comcast Corporation. Cohen purchased the Mets from Sterling Equities at a valuation of about $2.5 billion five years ago, which was the most money ever paid for a North American professional sports franchise at that time.
The network reportedly has an exclusive, long-term partnership with the Mets organization through the 2035 season, according to people familiar with the matter. This could prove to be valuable as the league explores potentially nationalizing regional broadcast rights to maximize revenue and eliminate blackouts in various markets. SNY has been previously reported as paying the organization approximately $85 million per year for its media rights. Moreover, the regional sports network recently introduced a direct-to-consumer service in partnership with Major League Baseball for $24.99 per month or $124.99 for the entire season.
The Mets on SNY broadcast booth consisting of play-by-play announcer Gary Cohen and analysts Keith Hernandez and Ron Darling is currently celebrating its 20th year on the airwaves. Cohen, Hernandez and Darling officially became the longest-tenured broadcasting team in franchise history two seasons ago, surpassing Bob Murphy, Lindsey Nelson and Ralph Kiner.
SNY has televised Mets baseball since its launch in March 2006 through a partnership with Comcast and then-Time Warner Cable. In the years preceding this regional sports network, Mets games were broadcast on FOX Sports Net New York and MSG Network featuring Ted Robinson and Matt Loughlin. The Mets have also televised a package of select games throughout the regular season on WPIX-TV, an affiliate of The CW Network, utilizing the same announcing trio and rebranded graphics.
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