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MSG Networks exploring sale – report

MSG Networks, which owns and operates two US regional sports and entertainment networks – MSG Network and MSG Plus – is looking to sell itself and is approaching buyers, according to the New York Post.

The US newspaper, citing several sources, said suitors for MSG Network could include telecommunications company Verizon, adding that the sale process is still at an early stage and there is no guarantee a deal will be reached.

MSG Networks is said to have approached investment bank Guggenheim Partners to aid the process. MSGN holds broadcast rights to NBA basketball franchise the New York Knicks, as well as NHL ice hockey teams the New York Rangers, New Jersey Devils and New York Islanders.

MSGN is the only stand-alone, publicly traded RSN. At close of trading on the New York Stock Exchange yesterday (Tuesday) its share price had risen 6.54 per cent to $24.45 (€22.5) giving it a market capitalisation of $1.84bn.