Potential suitors “are not tuning in to James Dolan’s MSG Networks -- and it appears there is no buyer" for the RSN, according to sources cited by Josh Kosman of the N.Y. POST. A source said, “Nothing is happening.” That source added that Dolan still “wants to sell the business.” Another source said that “turning off potential buyers is the fact that the RSN, with a market cap” of $1.7B and “trading at 10 times Ebitda, is not worth the price.” A source said, “Fox Sports Networks doesn’t want it.” Kosman notes Fox already owns YES Network, and combining it with MSG Networks would "give it a dominant Big Apple presence.” There has been “speculation that Dolan’s master plan was to sell the RSN and use the proceeds to buy more or all" of the separately listed arena MSG. Those plans may “need to be readjusted.” Earlier this year, Dolan started “looking to sell MSG Networks, which owns the TV rights for the Knicks, Rangers, Devils, Islanders and other sports teams” (N.Y. POST, 7/18).
Sources: James Dolan Having Difficulty Finding Potential Buyers For MSG Networks
