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NBC TO SELL OFF INTEREST IN SPORTS CHANNEL
Published December 9, 1994
Cablevision's investment in Madison Square Garden "triggered a clause that allows NBC to relinquish" its 50% stake in the Sports Channel and another jointly owned cable program, News 12 Long Island. And according to Cablevision Senior VP of Finance Barry O'Leary, NBC may sell its stake to its partner, Cablevision Systems Inc. for $92M. But O'Leary did say he was not sure whether NBC "plans to go ahead with the sale." NBC has until 30 days after the close of the Garden sale, expected at the end of the year, to make a decision (BLOOMBERG BUSINESS NEWS/N.Y. POST, 12/9).