The Mets have been casting about for investors for a long time now, and they’ve not had a ton of success yet. Yesterday it was reported that one of the $20 million shares they’ve been peddling is going to hedge fund manager Steven Cohen. Today we hear where more of those shares are going. From Richard Sandomir of the New York Times:
Time Warner Cable and Comcast are nearing a plan to finance SNY’s purchase of four shares in the Mets, worth $80 million, said one person with knowledge of the plan who was not authorized to speak publicly.
Kind of convoluted, in that Fred Wilpon and Saul Katz’ company — Sterling equities — owns SNY, and then, in turn, SNY will own a stake of the Mets. Time Warner and Comcast, in turn, own stakes in SNY. Makes my head get all fuzzy thinking about it.
Ultimately, though, the idea seems to be that Time Warner and Comcast don’t want to see the regional sports network they own suffer, and by shooting money, somewhat indirectly, to the Mets, they’re shoring up their network’s programming. Which makes more sense to me than some random rich person giving the Wilpons money as some sort of vanity investment. At least there are stakes here for the cable companies.
Oh, and I suppose I should offer a two-part full disclosure here: (1) Comcast owns NBC and NBC pays me, so you know; and (2) if things go sideways for the Wilpons and Comcast does something nutty like take the Mets over completely, I promise that when I am installed as the team’s Lord Protector that I shall be tough but fair in my administration of its affairs.