Madison Square Garden Entertainment Corp. (MSG Entertainment) announced on Friday morning that it has acquired MSG Networks Inc., according to a press release.
In an effort to create a stronger, more diversified company, the two entities reached a definitive agreement on the acquisition in an all-stock fixed exchange ratio transition.
According to the release, this transaction creates a leading entertainment and media company that delivers enhanced financial flexibility to pursue growth opportunities across the landscape. The merger also allows for a more diversified revenue base that would be well-positioned to deliver innovative experiences across all of its assets.
The report goes on to note, “the new company would have enhanced financial flexibility to fund current growth initiatives, including its planned state-of-the-art venue in Las Vegas, MSG Sphere at The Venetian, as well as future opportunities across both entertainment and media.”
As sports gambling continues to grow in popularity, MSG Entertainment sees this as a revenue opportunity as it becomes legalized in other markers.
MSG Entertainment President Andrew Lustgarten said: “MSG Entertainment is actively executing a plan designed to grow the Company beyond its established collection of assets into one that is pioneering the next generation of entertainment. We have always believed in the value of live sports and look forward to welcoming MSG Networks back into the fold as part of a transaction that we are confident would enhance our financial flexibility and set the stage for continued growth and value creation.”
NFL Considers Ending Pro Bowl Amidst Low Ratings
“Mark Maske of The Washington Post reports the future of the Pro Bowl was discussed on Tuesday during the owners’ meetings in Atlanta.”
The NFL is obsessed with TV ratings. It isn’t a surprise that the league may not be willing to tolerate the Pro Bowl underperforming for much longer.
In 2022, the NFL’s all-star game produced it’s lowest ratings in 16 years. Fewer that 7 million people tuned in to watch the game across ABC, ESPN and DisneyXD.
“The (Pro Bowl) game doesn’t work,” NFL Commissioner Roger Goodell said Tuesday after the owners’ meeting in Atlanta. “We need to find another way to celebrate the players.”
There are two proposed alternatives that have been reported. The Washington Post says the league is considering launching a seven-on-seven competition. It would not include tackling or full clocks. The other report comes from Ian Rapport of the NFL Network. He says the league is considering hosting a series of skills competitions over the course of what would be branded an all-star week. The NFL has partnered with DirecTV in the past to present similar events during Super Bowl Week.
No details have emerged or final decisions made. Mark Maske of The Washington Post reports the future of the Pro Bowl was discussed on Tuesday during the owners’ meetings in Atlanta.
Former Hulu Exec Michael Schneider Hired To Run Bally Sports+
“Schneider previously was VP of brand and content marketing at Hulu, where he had involvement in various marketing efforts for Hulu + Live TV.”
Schneider will oversee the direct-to-consumer platform that will also be the hub for Bally Sports live programming.
Schneider previously was VP of brand and content marketing at Hulu, where he had involvement in various marketing efforts for Hulu + Live TV.
“Throughout his career, Michael has successfully launched and developed DTC streaming and service platforms and created immersive engagement experiences,” said Sinclair COO and president of broadcast Rob Weisbord. “He is a terrific addition to the team as we build out the Bally Sports+ offering, its exclusive content and passionate fan community.”
Even before Hulu, Schneider had a hand in streaming. He was a founding member of the PlayStation Vue launch team.
Marquee Sports Network Weighs Streaming Options Outside of Bally Sports+
“Marquee GM Mike McCarthy said to Sports Business Journal there’s no rush, but the network is hopeful they can have something in time for the 2023 season.”
As Sinclair Broadcast Group prepares to launch Bally Sports+, its direct-to-consumer platform that will be home to Bally Sports live events, the Chicago Cubs are weighing their options for Marquee Sports Network, which the team co-owns with Sinclair.
Despite being under the Sinclair umbrella, Marquee is its own free-standing RSN from the rest of the Bally Sports networks across the country.
Marquee is readily available on a number of cable providers, but the only thing that’s really missing is its own standalone streaming platform for games. Marquee GM Mike McCarthy said to Sports Business Journal there’s no rush, but the network is hopeful they can have something in time for the 2023 season.
“We’re always interested in being on the cutting edge with the ultimate deliverable to our consumer,” McCarthy said. “But there isn’t any contractual clock ticking to make us feel that way. It’s how we’ve approached things from the beginning. Between our two ownership groups, there’s a lot of aggression to get it right. And I think you’ll see something along those lines shortly.”
The TV ratings will always be of top interest for MLB, especially regional ratings. But as the league has worked to embrace more streaming options for games, striking deals with Apple and Peacock for rights this season, it’s all about providing what the fans and viewers want.
“We now have the ability to do so much more, to properly tell the story of a 162-game season,” said Crane Kenney, Chicago Cubs president of business operations. Kenney was instrumental in the launch of Marquee. “We love baseball, we love the game, and we love the opportunity we have to share it with our fans in really deep ways.”