New York’s sports television landscape is set for a shake-up. The Wilpons are reportedly looking to sell SNY, the Mets’ regional sports network, according to Sportico. The family owns a majority 65 percent stake in the RSN. Current Mets owner Steve Cohen is interested in the purchase, less than a year after buying the Mets from Jeff Wilpon and Co for $2.42 billion.
No official buyers have come forward with an offer as the Wilpons consider multiple options, from selling all of the RSN to keeping it entirely. Cohen is reportedly working with Redbird Capital on a joint deal to scoop up the network. The Yankees own YES Network, which has media investors including Redbird Capital and Sinclair Broadcasting.
Former Goldman Sachs partner Gerry Cardinale runs Redbird Capital, and he recently acquired a stake in NESN, the Boston Red Sox network. None of the parties have commented on the sale, according to Sportico.
SNY launched in 2006 and has been the New York Metropolitan area’s home for Mets baseball ever since. The network serves over 8 million homes in the New York-area, and a total of 12 million homes nationwide. Sterling Equities holds a 65 percent majority stake in SNY. The Wilpon’s and Saul Katz own the investment firm. Charter Communications and Comcast own the rest of the RSN’s stake.
Cohen tried to buy the RSN as a package deal with the Mets purchase, but it didn’t come to fruition.
According to Fangraphs, the Mets receive $52 million per season from SNY in rights fees. That ranked 17th among all 30 MLB teams last season and last among major market teams. The Mets trailed their neighbors in pinstripes by a wide margin as the Yankees brought in $115 million in television revenue. The Mets deal with SNY expires in 2030.