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Wizards, Caps Renewal With CSN Mid-Atlantic A Done Deal; Monumental Gets Stake In RSN
Eleven months after NBC Sports Group reached a broad agreement to <a href="http://www.sportsbusinessdaily.com/Journal/Issues/2015/11/09/Media/CSN-Mid-Atlantic.aspx" target="_blank">renew its local-rights deals with the Wizards and Capitals</a> , a pact finally has been signed. A formal announcement is coming this afternoon on a deal that gives the teams’ owner, Monumental Sports & Entertainment, an equity stake in CSN Mid-Atlantic. NBC Sports Group will get a minority stake in the Monumental Sports Network OTT platform that eventually will be launched. Sources said Monumental will pick up a 33% equity interest in the RSN. Monumental will occupy two of the six seats on the CSN Mid-Atlantic BOD; NBC Sports Group will have two of the six seats on the Monumental Sports Network board. Taking out upfront payments and equity considerations, the Capitals license fee will adjust to an annual average of $28M per year from $13M; the Wizards will increase to a $35M-per-year average from $17M. The deal runs through the '31-32 NBA and NHL seasons, sources said.
