Madison Square Garden Networks (MSGN); the regional sports network owned by Jim Dolan, is up for sale, but lacking interest from bidders. Fox Sports Networks (FOXA), the most logical potential buyer, is reportedly not interested as it already owns the regional YES Network in the New York market. With cable subscriptions declining, ad revenues reflecting the Knicks disappointing on court performance, a cap number of $1.7 Billion and shares trading at 10x EBITDA, the company may simply not be worth the price at this time. If Dolan is unable to sell the company, there is always the possibility he will put it back together with MSG.
Howie Long-Short opines: This stock had a huge run over the past year, in part on deal speculation. Who knows whether, or when, a deal gets done? Probably not the NYPost. Their M&A reporting tend to be all over the place.