SNY exploring potential sale with all options on table
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The broadcast home of the Mets is in the very early stages of a possible sale.
SNY is exploring potential deals, including an outright sale, a source familiar with the situation confirmed.
The Wall Street Journal first reported the development Tuesday.
The network has hired bankers at Moelis & Co., a global investment bank, to begin the process of soliciting interest from potential investors.
SNY Mets broadcast team, from left, Ron Darling, Gary Cohen, Keith Hernandez.
There will be a 'wide net cast,' the source said, in finding potential buyers, and the belief is there will be a 'robust amount of interest,' the source added, from financial and strategic investors, including team owners, regional sports network owners and media companies.
It is possible and perhaps likely that one of those team owners will be Steve Cohen.
SNY is controlled by the Wilpon and Katz families, who retained the network even as they sold the Mets to the billionaire Cohen for about $2.4 billion in November 2020.
SNY's new studios at 4 World Trade Center.
Dominick Totino
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The network covers the Jets and other New York-area sports as well, but it is not a coincidence that a sale is being explored now — amid an excellent start for the first-place Mets and after an inspiring offseason that included landing Juan Soto for a record $765 million.
'It's opportunistic,' the source said of the timing of a potential sale of a rare RSN that is doing well.
SNY, which is available to TV providers in New York, Connecticut and parts of New Jersey and Pennsylvania, has a partnership with the Mets that runs through 2035.
The Mets are popular, as are the network's broadcasters — Gary Cohen, Keith Hernandez and Ron Darling — who are beloved by fans.
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