Richard Sandomir of the New York Times reports that Time Warner Cable and Comcast are nearing a plan to finance SNY’s purchase of four shares in the Mets, worth $80 million.
Time Warner Cable and Comcast are nearing a plan to finance SNY’s purchase of four shares in the Mets, worth $80 million, said one person with knowledge of the plan who was not authorized to speak publicly. If the deal is completed, the Mets would appear to have buyers for the 10 shares they are selling.
The deal would mean 16 percent of the Mets would be owned by SNY. The Mets’ parent company, Sterling Equities, owns 70 percent of the network.
Lee Berke, the president of a media consulting company, said that Time Warner Cable and Comcast “don’t want to see the team stumble as it has been, because it directly impacts what they’re putting on TV. This is shaping up as a multiyear downswing for the Mets, and this is a way to keep them above water.”
I’m not sure that 16% would be owned by SNY.
Yes, Time Warner and Comcast own stake in SNY, but if they are buying 16% in shares of Mets, what does that have to do with their stake in SNY?
Is SNY buying the shares or Time Warner/Comcast buying the shares?