Rupert Murdoch and cable's Tele-Communications Inc. are in talks to buy a stake in Cablevision Systems' sports properties to create a new, national sports network.
The negotiations are fairly close to resolution and a deal could come as early as Monday, a source close to the deal, speaking on condition of anonymity, said today.With the purchase, which would take place through Fox/Liberty Networks, a 50-50 venture of Murdoch's Fox and TCI's Liberty Media programming arm, the two partners would create a network that would compete head-on with ESPN. It would offer both games and sports news.
The transaction would be worth $850 million and involve a 40 percent stake in the Cablevision properties, published reports said. It would involve Cablevision's seven regional sports channels, Madison Square Garden, the New York Knicks, the Rangers and the MSG Network, a regional cable network that airs the games of New York-area teams.
If the deal goes through, it would enhance's Murdoch's already powerful presence in sports. Fox in recent years acquired over-the-air rights to televise games in the NFL, major league baseball and NHL.
Also, Murdoch has made an offer to buy the Los Angeles Dodgers.