Monumental Sports & Entertainment Completes Acquisition of NBC Sports Washington
Monumental Sports & Entertainment (MSE) has officially completed the acquisition of NBCUniversal's 67% stake in NBC Sports Washington from Comcast Corporation. MSE previously owned 33% of the regional sports network, giving it full control. NBC Sports Washington is the local TV rights holder for games of the Washington Wizards and Capitals. NBCUniversal will continue to provide operational support for 18 months following the acquisition. The network will retain its current name through the 2022-23 season, with a rebranding planned for 2023-24.
- MSE's full ownership of NBC Sports Washington enhances its media portfolio and potential revenue streams.
- Acquisition allows MSE to integrate NBC Sports Washington into its existing sports network, potentially improving overall viewer experience.
- Financial terms of the acquisition remain undisclosed, leaving uncertainty about the transaction's impact on MSE's finances.
- The need for integration with NBCUniversal's operational support may present initial challenges.
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WASHINGTON, Sept. 20, 2022 /PRNewswire/ -- Monumental Sports & Entertainment (MSE) today announced the closing of its previously announced acquisition of NBCUniversal's
NBC Sports Washington is the exclusive local TV rightsholder for Washington Wizards and Washington Capitals games. The network is available throughout the District of Columbia, Maryland and Virginia, as well as parts of Pennsylvania, Delaware and West Virginia. Launched as Home Team Sports in April 1984, the network has served as the Capitals' and Wizards' regional TV partner since its inception.
Zach Leonsis, President of Media & New Enterprises at MSE, commented, "We are incredibly pleased to announce that we have officially closed on our transaction to acquire NBC Sports Washington. We look forward to welcoming all of our new teammates into the Monumental family, embarking on some exciting work to integrate the network into our platform, and building a best-in-class experience for our fans."
As part of the transaction, NBCUniversal will continue to assist in the operation of the network by providing corporate and shared services, including distribution, technical resources and production facilities, for up to 18 months. NBC Sports Regional Networks, part of NBCUniversal Local, operates a portfolio of six regional sports networks.
NBC Sports Washington is expected to retain its current name and branding through the 2022-23 season. A network re-brand is anticipated for the 2023-24 Capitals and Wizards seasons.
MSE's platform encompasses five professional sports teams: the NHL's Washington Capitals, the NBA's Washington Wizards, the WNBA's Washington Mystics, the NBA G League's Capital City Go-Go and the NBA 2K League's Wizards District Gaming. In addition, MSE owns and operates Capital One Arena and manages the MedStar Capitals Iceplex (practice facility for the Capitals), MedStar Health Performance Center (practice facility for the Wizards, Mystics and Go-Go), and EagleBank Arena (live performance venue on the campus of George Mason University in Virginia). Further, MSE was a first mover in the sports betting space, opening with Caesars Entertainment the first ever in-arena retail location in North America at Capital One Arena in 2020. It also launched a first-of-its kind regional sports streaming service for local and high school sports and exclusive Capitals, Wizards and Mystics content with Monumental Sports Network in 2016. MSE's broad media reach includes the social media channels of its sports teams and corporate properties – not only in English but also Japanese, Hebrew and Mandarin and coming soon in Spanish and Arabic – as well as native content web articles, video productions and streaming shows, radio broadcasts, podcasts, in-arena signage, and out-of-home video boards.
LionTree served as MSE's exclusive financial advisor on the transaction. Financial terms of the acquisition were not disclosed.
Monumental Sports & Entertainment is America's leading sports and entertainment family. Our people, players, teams and events bring excitement and joy to millions. We invest and innovate to consistently raise the game so we can deliver extraordinary experiences that will inspire and unite our community, our fans and our people. To learn more, please visit www.monumentalsports.com.
Comcast Corporation (NASDAQ: CMCSA) is a global media and technology company that connects people to moments that matter. We are principally focused on connectivity, aggregation, and streaming with 57 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia. Visit www.comcastcorporation.com for more information.
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SOURCE Monumental Sports & Entertainment
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