After finalizing a deal to purchase the New York Mets, Steve Cohen turns his attention to their television home, SNY.
According to Mike Ozanian of Forbes, Steve Cohen has entered a 30-day exclusive bidding period for SNY.
Sources say after Steve Cohen/Wilpon finalize sale, Cohen has 30 days for exclusive bid for SNY. The RSN is worth about $1 bil ($150m equity, $850m debt).
— Mike Ozanian (@MikeOzanian) September 22, 2020
Ozanian pegs the regional sports network’s value at $1 billion. That comprises of a $150 million value for the company and $850 million worth of debt the Wilpons took out against it.
SNY is worth the purchase price, despite the debt. It’s the New York Mets‘ largest moneymaker and its marketable face. It’s doubtful that Cohen would give up the right to choose who represents the team.
For now, that’s not a problem. The Mets have the best broadcast team in MLB headlined by Keith Hernandez, Ron Darling, and Gary Cohen. However, that crew won’t last forever.
Gary Cohen is already 62 years old, Darling is 60, and Hernandez is 66. It’s unlikely that the trio of broadcasters will stick together for much more than another 5-10 years, at which point, the owners of SNY will get to piece together the new broadcast team.
The Mets have been able to turn SNY into a money-making machine because fans always want to tune in to watch Gary, Keith, and Ron. Even when the team is getting blown out, many fans hang around because of the magic they produce on a nightly basis. That’s helped the Mets make money despite the fact that they’ve only reached the playoffs twice in the last 14 years.
Steve Cohen will likely want full control over the network to ensure that magic stays the same. The more fans watch, the more money can be spent on building the team.
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