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Canadiens’ sale a boost to Cablevision?
by Patrick Hoffman on 07/06/09 at 10:55 AM ET
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From Mike Farrell at Multichannel News:
The reported impending sale of the National Hockey League’s Montreal Canadiens to the Molson brewing family for as much as $550 million could have an unintended beneficiary - Cablevision Systems.
Cablevision, which also owns the NHL’s New York Rangers, earlier this year said it was investigating the split-off of its MSG unit - which includes the National Basketball Association New York Knicks, the WNBA New York Liberty, Madison Square Garden arena and other entertainment venues, and the MSG Media sports channels. According to a research report by Collins Stewart media analyst Tom Eagan, if the Canadiens sell for $500 million to $550 million - the deal still has to be approved by the league - it could significantly boost the valuation placed on the Rangers. In his report, Eagan wrote that the Habs sale, coupled with the anticipated sale of Major League Baseball’s Chicago Cubs (said to fetch more than $850 million) could add another $3 per share in incremental value to MSG. Eagan added that his $350 million valuation for the Rangers, “now seems conservative based on this comparison.”
Click here for more. I’m not sure exactly what this means but on a slow Rangers news day thus far, it will have to suffice.
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Tags: Montreal+Canadiens, New+York+Rangers,
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The Goal Line Report will focus on all things Eastern Conference. Do I have a bias towards the Eastern Conference just because I am a New Yorker? No, but it certainly does make things easier! I’ll make my opinions known on Eastern Conference news bits (as often as I can), big games, hot and cold players, trades (I don’t make things up) and anything and everything else related to the Eastern Conference that I think is important for hockey fans to know. I will, in every sense of the word, be the beast of the East while also making sure to drop my thoughts on other hockey news items.
I, Patrick Hoffman, have covered the NHL since 2003 and have worked for a variety of hockey media sources including: Stan Fischler, Spector’s Hockey, TheHockeyNews.com, HockeyBuzz.com, McKeen’s Hockey, Blueshirt Bulletin, XM Home Ice Channel Hockey Blog, HockeyPrimeTime.com, FantasyHockey.com. NY SportsDay, and HokejaVestnesis.com.
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