Cablevision and News Corporation to Restructure Ownership of Sports and Entertainment Assets
Cablevision to Own 100% of Madison Square Garden Properties and FSN New York; News Corporation to Own 100% of Fox Sports Net, FSN Ohio and FSN Florida
NEW YORK--(BUSINESS WIRE)--Feb. 22, 2005-- Cablevision Systems Corporation (NYSE: CVC) and News Corporation (NYSE: NWS) today announced an agreement to restructure their ownership, through Regional Programming Partners (RPP), of six regional sports networks in New York, Chicago, New England, Ohio and Florida, as well as Madison Square Garden and its properties, Fox Sports Net and National Advertising Partners.
RPP is owned 60% by Cablevision and 40% by News Corporation. Once the restructuring is complete, Cablevision will own 100% of Madison Square Garden and its properties including the Arena; The Theater at Madison Square Garden; the sports teams - the New York Knicks, Rangers, and Liberty; Radio City; MSG Network; and FSN New York. Cablevision will also own 100% of FSN Chicago, as well as 50% of FSN New England. Cablevision will continue to manage all of these businesses.
News Corporation will own 100% of Fox Sports Net as well as FSN Ohio, FSN Florida and National Advertising Partners. Following the restructuring, News Corporation will assume management of both FSN Ohio and FSN Florida and continue its management of Fox Sports Net and National Advertising Partners.
Cablevision and News Corp. will continue to own 60% and 40% respectively of FSN Bay Area through their partnership. Cablevision will continue to manage that network.
Cablevision Vice Chairman Hank Ratner said: "Our partnership with News Corporation has successfully developed and grown some of the most powerful brands in today's sports market. At this stage, having full ownership and management of these properties under one parent will greatly simplify the financial and operating structure of these businesses, while allowing Cablevision to consolidate our sports and entertainment interests in the key New York market. We look forward to continuing our relationship with News Corporation and working together with our FSN Bay Area property."
News Corporation President and Chief Operating Officer Peter Chernin said: "These sports assets have thrived under our strong relationship with Cablevision. Our companies' diverging interests have meant that it made sense to realign our partnership, but we are very happy that we will continue to work together in the regional sports business. We look forward to taking full ownership of FSN Florida and FSN Ohio, two strong and growing regional sports channels."
The rest of the story ...
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Looks like (other than FSN Bay Area) Cablevision and News Corp are dividing their joint assets. Cablevision is the current owner of "Voom" (Rainbow DBS).
JL
Cablevision to Own 100% of Madison Square Garden Properties and FSN New York; News Corporation to Own 100% of Fox Sports Net, FSN Ohio and FSN Florida
NEW YORK--(BUSINESS WIRE)--Feb. 22, 2005-- Cablevision Systems Corporation (NYSE: CVC) and News Corporation (NYSE: NWS) today announced an agreement to restructure their ownership, through Regional Programming Partners (RPP), of six regional sports networks in New York, Chicago, New England, Ohio and Florida, as well as Madison Square Garden and its properties, Fox Sports Net and National Advertising Partners.
RPP is owned 60% by Cablevision and 40% by News Corporation. Once the restructuring is complete, Cablevision will own 100% of Madison Square Garden and its properties including the Arena; The Theater at Madison Square Garden; the sports teams - the New York Knicks, Rangers, and Liberty; Radio City; MSG Network; and FSN New York. Cablevision will also own 100% of FSN Chicago, as well as 50% of FSN New England. Cablevision will continue to manage all of these businesses.
News Corporation will own 100% of Fox Sports Net as well as FSN Ohio, FSN Florida and National Advertising Partners. Following the restructuring, News Corporation will assume management of both FSN Ohio and FSN Florida and continue its management of Fox Sports Net and National Advertising Partners.
Cablevision and News Corp. will continue to own 60% and 40% respectively of FSN Bay Area through their partnership. Cablevision will continue to manage that network.
Cablevision Vice Chairman Hank Ratner said: "Our partnership with News Corporation has successfully developed and grown some of the most powerful brands in today's sports market. At this stage, having full ownership and management of these properties under one parent will greatly simplify the financial and operating structure of these businesses, while allowing Cablevision to consolidate our sports and entertainment interests in the key New York market. We look forward to continuing our relationship with News Corporation and working together with our FSN Bay Area property."
News Corporation President and Chief Operating Officer Peter Chernin said: "These sports assets have thrived under our strong relationship with Cablevision. Our companies' diverging interests have meant that it made sense to realign our partnership, but we are very happy that we will continue to work together in the regional sports business. We look forward to taking full ownership of FSN Florida and FSN Ohio, two strong and growing regional sports channels."
The rest of the story ...
....
Looks like (other than FSN Bay Area) Cablevision and News Corp are dividing their joint assets. Cablevision is the current owner of "Voom" (Rainbow DBS).
JL
