Sources: Raiders' Relocation Fee Between $325-375M Bonds Returns To Giants As Special Advisor Clippers Owner Ballmer Dishes On NBA Topics FC Cincinnati Eyeing '18 Launch Of Training Facility E-Sports Franchise Cloud9 Adds Several New Investors Angels Return To StubHub For Secondary Tix Orioles' Brady Anderson Has Unique Position Blue Jays Investing Heavily In Sports Science Galaxy Trying To Make Better Use Of Youth System Tim Tebow Heads To Columbia For Minor League Ball
NBC PURCHASES OWNERSHIP STAKE IN MADISON SQUARE GARDEN
Published April 1, 1997
An agreement yesterday between NBC and Cablevision "converted" NBC's stakes in cable services owned by Cablevision's Rainbow Programming Holdings "into 25 percent of Rainbow itself," according to Richard Sandomir of the N.Y. TIMES. Rainbow owns 50% of MSG and has agreed to purchase the rest from ITT by '99. By owning 25% of Rainbow, NBC will "ultimately own" 25% of MSG. Sandomir: "The possibility that Rainbow, with the Garden as one of its assets, could go public is intriguing" (N.Y. TIMES, 4/1). The agreement did not include a cash transaction and NBC will assume no debt. NBC said future projects with Rainbow "could include" new cable networks and local TV programming (Mark Robichaux, WALL STREET JOURNAL, 4/1).