Billionaire hedge fund manager Steve Cohen, who closed on a deal to buy the New York Mets on Monday, has one more item on his shopping list: SNY, the cable television home of the franchise.
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Sportico, which first broke the news that Cohen closed on the Mets, reports his purchase of the club did not include the TV network.
While financial terms of the agreement haven’t been disclosed, two people with knowledge of the deal have said the sale values the team at about $2.42 billion. That would make it the most paid for an MLB franchise, topping the $2.15 billion paid for the Los Angeles Dodgers and surrounding real estate. … SNY, the regional sports network part-owned by the club, isn’t part of the transaction.”
The Mets confirmed the deal with Cohen in a statement Monday afternoon:
The Sterling Partners have signed an agreement with Steven Cohen pursuant to which Mr. Cohen would purchase the New York Mets. The sale transaction is subject to the approval of the Major League Baseball club owners.
“I am excited to have reached an agreement with the Wilpon and Katz families to purchase the New York Mets,” said Mr. Cohen.
Cohen entered into exclusive negotiations last month to buy the Mets for more than $2.3 billion. He beat a bid from the power couple of former New York Yankees slugger Alex Rodriguez and fiancee Jennifer Lopez, as well as an offer from New Jersey Devils and Philadelphia 76ers owners Josh Harris and David Blitzer.
As for Cohen, this is the second time he’s tried to close a deal to buy the Mets. He agreed in December to buy the Mets for $2.6 billion, but the deal collapsed in February when Cohen pushed for immediate control of the team while the Wilpon family wanted to remain with the club for five more years.
Last week, Forbes released its updated list of the 400 wealthiest people in the U.S. Cohen is No. 36 with $14.5 billion.
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