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Monumental Sports & Entertainment, which owns the NBA’s Washington Wizards and the NHL’s washington capitalGained full control of the regional television network NBC Sports Washington.
Founded by former AOL executives Ted Leonsis, Monumental has owned 33% of NBC Sports Washington since 2016.It bought the remaining stake from NBCUniversal’s parent company Comcast, it also has six other RSNs in various U.S. markets. Financial terms were not disclosed.
As part of the deal, NBCU will continue to help operate the network, providing up to 18 months of corporate and shared services such as distribution, technical resources and production facilities.The Washington Network, which owns exclusive rights to the Wizards and Capitals games, is NBC Sports Regional Network division of labor NBC Universal Local.
The traditional RSN model is under enormous pressure as streaming becomes more popular and pay-TV bundles shrink at an accelerating rate. Born in the cable-TV era of the 1990s and 2000s, these networks exploded in popularity and generated a lot of revenue from traffic and advertising. Major League Baseball broadcasts can still drive viewership in many markets, but the profit margins are not as good as they once were. NBCU, like other RSN operators such as Sinclair Broadcasting Group’s Diamond Sports, said it would explore direct-to-consumer streaming options for its network programming. Diamond’s Bally Sports+ will launch nationwide as a standalone product next month.
Teams often have significant stakes in RSN. The New York Yankees’ YES Network sets the frame, with New England Sports Network, SportsNet LA and Chicago’s Marquee Network being other prominent examples.
NBC Sports Washington is present in the District of Columbia, Maryland and Virginia, as well as parts of Pennsylvania, Delaware and West Virginia. Launched in 1984 as a home-team sports, the network has aired Wizards and Capitals games since the day it aired. Baseball’s Washington Nationals hold a stake in Mid-Atlantic Sports Network, a joint venture with the Baltimore Orioles and not affiliated with NBC Sports Network.
NBC Sports Washington is “an important part of our current and future core business operations,” said Zach Leonsis, President of Monumental Media and New Ventures. “We look forward to further enhancing and innovating our fan base in the years ahead to enjoy the best-in-class experience watching live sports.”
Bill Briggan, president of NBC Sports Regional Networks, described the deal as a “unique opportunity.” He said NBCU and both companies “value local sports media and are committed to serving fans today and investing in the future.”
In addition to the Wizards and Capitals, Monumental also owns the WNBA’s Washington Mystics, the NBA G League’s Capital City Go-Go and the NBA 2K League’s Wizards Zone games. The company also owns and operates the Capital One Arena and operates several other venues.
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