REPORT HAS NBC SET TO TAKE 25% STAKE IN MSG VIA CABLEVISION

          NBC will announce today that "it has taken an equity
     position in Cablevision Systems Corp.'s Rainbow Programming
     unit, which will give the network a 25% stake in Madison
     Square Garden," according to Stephen Battaglio of the
     HOLLYWOOD REPORTER.  An NBC spokesperson confirmed the
     transaction.  Although details were not available, 
     Battaglio notes that NBC "is expected to swap its stakes in
     several of Rainbow's individual cable network," including
     American Movie Classics, Bravo and SportsChannel, "for the
     overall stake" in Rainbow and MSG.  The deal will "likely
     help" Cablevision's "effort to pay down" $1.8B of its debt
     this year and give NBC a "piece" of the Knicks and Rangers.
     Battaglio notes that NBC "already has a close relationship
     with the NBA as its national broadcast partner for the past
     four years" and calls the deal "a win for NBC over" News
     Corp., which had also eyed MSG (HOLLYWOOD REPORTER, 3/27).