Comcast agrees to sell majority stake in NBC Sports Washington

Alex Ovechkin #8 of Washington Capitals runs onto the ice with a puck during a game against the Toronto Maple Leafs at Capital One Arena on April 24, 2022 in Washington, DC

John McCreary | National Hockey League | beautiful pictures

Comcast agreed to sell its majority ownership interest in NBC Sports Washington, the regional sports network that broadcasts local games from Washington, DC, NBA and NHL, to Monumental Sports & Entertainment.

Monumental, which invests in sports teams and businesses, has owned a 33% stake in the network since 2016. Following the close of the deal, of which terms were not disclosed, it will take power. owns 67% of Comcast’s positions.

NBC Sports Washington has been broadcasting the NBA’s Wizards and NHL’s Capitals since 1984, when the network launched. The channel is available throughout DC, Maryland, and Virginia, as well as parts of Pennsylvania, Delaware, and West Virginia.

As part of the agreement, Comcast’s NBCUniversal said it will continue to support operating the network for up to 18 months.

The move comes as local sports channels have under pressure as consumers continue to unsubscribe from cable and satellite TV packages. The media companies behind these networks have found a viable business that offers a streaming option.

In June, New England Sports NetworkThe local channel that broadcasts Boston’s Red Sox and Bruins games, has launched a standalone streaming subscription for $29.99 a month.

Sinclair . radio groupowner of the largest catalog of sports networks in the region, has begun offering streaming options in several markets and plans to roll out streaming access to all of its channels in the coming months.

Comcast still owns several other local sports channels, such as NBC Sports Philadelphia. The Wall Street Journal previously reported that it was exploring a buying and selling of networks.

Disclosure: CNBC is owned by Comcast’s NBCUniversal.

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