Got $4 billion burning a hole in your pocket?
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Cablevision shareholders had the rare chance to offer strategic advice to the company at a meeting on Monday and Newsday's Mark Harrington reports that one popular opinion was to sell the Madison Square Garden sports properties.
"Everyone wanted to see a spinoff of MSG," said Mario Gabelli, whose group, GAMCO Investors, Inc., owns 8.3 percent of Cablevision.
Gabelli was being as specific as possible.
Sanford C. Bernstein & Co. analyst Greg Moffett said he believes the asset most likely to be sold is Cablevision's Rainbow Media unit, which he values at $4.7 billion.
But Moffett reported that the MSG group could get as much as $4 billion on the open market. Four billion! Perhaps LeBron James could get his good buddy Warren Buffett (net worth: $62 billion) to buy the thing and make 2010 a given. Or maybe Jay-Z (net worth: $940 million) finally scraps the Brooklyn plan and comes home to a permanent seat along celebrity row.
I mean the planned $500 million renovation looks nice, but the aesthetical improvements Jay brings along with him (look right) can't be valued in dollars.
Beyonce could make a Port-a-poty look cozy.
Chris Marangi, an associate manager for the Gabelli Value Fund, told Bloomberg recently that the MSG unit -- the Garden, Knicks and Rangers and both MSG and MSG+ Networks -- was worth about $2.5 billion. The venue and teams alone were $2 billion.
Forbes.com on Monday listed the top 10 Most Lucrative Sports Arenas in America. LA's Staples Center leads the way with $216 million in revenue and $10,600 per seat. Second on their list was Madison Square Garden, which cashes in at $198 million in revenue for $9,900 per seat.
This is all very preliminary. And it can't be overlooked that a great deal of the motivation behind James Dolan's decision to publicly discuss spinoff strategies was a way to boost a sagging stock price.
And how seriously can you take this shareholders forum when one of the other popular suggestions was to buy the New York Yankees?
Comments (27)
And how seriously can you take this shareholders forum when one of the other popular suggestions was to buy the New York Yankees?,/i>
Perish the thought. Good Lord, the end times really are coming.
Why would they sell their MSG properties? It's one thing if they are losing money, but that is not the case. The Knicks are a cash cow even with the mismanagement of the past few years state. Not to mention the Rangers. Imagine what the NYK will be worth when the team starts winning. Even the Dolans are not stupid enough to follow this advice, no matter how bad you might want it to happen.
"Midway through the second quarter, reality set in. The Redeem Team's LeBron James blocked an Ambrosio shot so ferociously that the Angolan wound up on the deck. And with its depth and size, the U.S. took rapid control over a team with no regular taller than 6-foot-7 -- even if Kobe Bryant's outside shooting woes continued, leaving him 1-for-15 over two games from the shorter-than-the-NBA's three-point stripe. "They were expecting to beat us by 60 points or more," said Angola's Armando Costa afterward."
The AR has Bricked 14 of 15 chucks from Downtown in two games. Looks like another Guaranteed Choke, circa the 2008 NBA Finals.
Maybe, if we're lucky, The AR will take his whining, complaining, I-Can't-Win-Without-Shaq Automatic Choke game to Italy right after Dwayne Wade, Dwight Howard, and Jason Kidd lead the U.S. to the gold at the Olympics.
Of course, The AR's bricklaying effort must be somebody else's fault. It always is with The AR.
"But Moffett reported that the MSG group could get as much as $4 billion on the open market. Four billion! Perhaps LeBron James could get his good buddy Warren Buffett (net worth: $62 billion) to buy the thing and make 2010 a given."
Don't mention Warren Buffett on this blog site again. To do so only reveals how little you know about Mr. Buffett, value-added investment, the late-Benjamin Graham, and sound, reasoned analysis.
Mr. Buffett will employ his financial resources in the NBA right about the same time that Doubleday tabs you, the boss of this blog, to write anything beyond a paperback that emphasizes "way more," "make plays" (versus babies and/or bail), "ton" (with 2,000 pounds nowhere in the area), and "like, like" every five words.
To refer to Mr. Buffett and a financially sub par, risk-laden investment like an NBA franchise in a growing global market where the cost of staffing (i.e employees) only figures to increase without direct correlation to revenue or result, you serve to simply embarrass yourself and the entire editorial staff at Newsday.
Read "The Intelligent Investor." No, it doesn't include a Captain Marvel supplement. Try to learn something. And stop humiliating yourself, your peers, and your publication.
People are laughing at you. And, no, it's not a joke.
@ Anonymous
Maybe you should stick to reading the WSJ, and leave us morons alone.
Lighten up.
"People are laughing at you. And, no, it's not a joke"
People are laughing at you dude, cuz around here YOU are the joke ! Did Alan piss in your cornflakes or something ? Why all the angst for the blog host ???
@John Q
Word!
wassup with that anonymous cat?
jay-z's worth almost a billion? damn... i wonder where that places him amongst richest musicians. i know mccartney and bowie are over a billion but i never knew was worth that much! good for him. so why's he wasting his money on the nets...
Alan, where are you getting your info from? LMAO
Jay Z is not worth 940 million.
He has some investments but nowhere near what your stating.
If anything 50 Cent is worth more than Jay Z...
For all the people who choose to disagree with me check this out...
Jay's investments
Rocawear
Rocafella
Live Nation Deal
J Hotels Deal (Will never be built because of the recession we are in)
MINORITY owner of the Nets (Same thing here where the arena will never be built because of the recession we are in).
They should just give up on the Atlantic Yards arena plan. As long as the cost of materials keep going up, the ground breaking date will keep getting pushed back.
Now 50 Cent on the other hand is worth a rediculous amount. He made 300 million on the Vitamin Water sale to Coca Cola (about 150 million after taxes)
He's sold almost 50 million records worldwide.
He has the video game deal worth 100 million.
G Unit Clothing.....75 million a year in sales
Confidence Body Spray....50 million
Magic Stick condoms.....50 million
He's about to sell his thisis50.com for 350 million to viacom.
He's appeared in 3 movies at 10 million a pop.
Home of the Brave (Samuel Jackson and Jessica Beil)
Righteous Kill (Robert Deniro and Al Pacino...September)
Microwave Park (Val Kilmer and Sharon Stone....November)
Last year he grossed 175 million off touring the world alone.
Yeah, I think 50 should be ok with the Knicks.
I don't care for Jay because he's not a business man. He's just like Jordan. Not a business man at all.
Jordan got those endoresments because he could play ball. He didn't go in an office and negotiate the deal. The company came after him and literally laid the deal out in front of him and he signed. That's not a business man. Dame Dash was the business man that got Jay everything he got.
Good stuff Alan.
If true I can appreciate the Knowledge dropped on the Jay Z v. 50 Cents as mega mogul/businessmen.
Are you saying that 50 ought to go after a share in Knicks ownership?
Interesting two moguls looking over to franchises in across the Hudson and possible the Brooklyn Bridge
@Anonymous
actually...
i don't really care that you
post mindless drivel
on the blog
but why don't you be a man
and use your name
typing hardline posts under the name "anonymous"
does not make you a tough guy
it actually makes you a coward
its easy to talk tough
when nobody knows your blog name
I agree NYC2Infinity
Be accountable for your statements.
In that vein I owe Willis an apology and must post a reply. I've been swamped recently.
Boo on me Boooo!
The gutless one, anonymous, is a troll.
We know how to treat trolls
Maybe it's Mrs Starbury, aka Berman.
Orange and Blue....I actually wouldn't want any of them owning the team because I don't think they have the knowledge to run it. Even though it would be an upgrade over what we have now with Swollen Dolan running the ship. I just think Jay Z is overrated as a business man just like Jordan. Grant it...the Air Jordan sneakers are the most famous sneakers ever manufactured but as a business man...he ain't got it. Plus he is an impulsive gambler and he cheated on his wife AND GOT CAUGHT. Nobody ever seems to talk about his bad side...only good. Oh well, I guess that's what happens when you become a yes man to your superiors. Dolan wouldn't let Jay buy the Knicks anyway after him purchasing a SMALL, SMALL share of the Net's. He owns like not even 2 percent of the team.
When it comes to money...Jay got nothing on 50 Cent.
Actually no music artist outside of Paul McCartney has anything on 50 Cent.
They guy has ammased a fortune like nobody else at a speed like nobody else. He's only in his early 30's and he's caked up something serious. Jay is darn near 40.
dakoja = lloyd banks
Everyone who's been posting here from the begining Knows that
"Anonymous" is Mitch "The Grill" Lawrence from the the Daily News.....aka MARK. No one reads his shyte over there so he hounds this place. Count down to Possette, Bassy, Parol officers and calling Kobe "The Rapist" should begin in 3...2....1....
Note that he won't post at Knicksdefense or the Fanatics because we would have his IP address and the location of his parents basement!
Maybe, if we're lucky, The AR will take his whining, complaining, I-Can't-Win-Without-Shaq Automatic Choke game to Italy right after Dwayne Wade, Dwight Howard, and Jason Kidd lead the U.S. to the gold at the Olympics.
Of course, The AR's bricklaying effort must be somebody else's fault. It always is with The AR.
Posted by Anonymous | August 12, 2008 13:06
AR= American/Arizona Rapist. Check out a Lawrence article if you have a strong stomach and you will see identical writing styles. Mark aka Bitch Lawrence
Spain Extends its Black Legend in the Modern Age
From the same group of people that brought us the Inquisition, the conquest of the Americas, and the murder and enslavement of millions of Americanindians and Africans, who preached god and raped helpless women.
Spains at it again.
Some one needs to teach these hairy smelly European Bushwakers a lesson!
http://sports.yahoo.com/olympics/beijing/blog/fourth_place_medal/post/Spanish-basketball-team-poses-for-offensive-pict?urn=oly,100152
LMAO @ 20:02
@NYC 2 Infinity thanks for the info. Good game for the Americans. Now does anyone know when the next game is on and the rest of the games for the American basketball team. We all want Zach gone but we have to try to get something good for him. We still have time.
@James Dolan
Announce that you are selling Cablevision and the stock will skyrocket!
The legendary Midas turned everything he touched into gold. Jimmy D turns everything he plays with into the grossly overpaid and vastly underachieving 23-win Knicks.
I had some thought recently on dumping Zach. Wouldn't it be interesting to see the same team last year play for D'Antoni (minus marbury)? It would be a good way to gauge what this team really was or is. We can always move folks by the deadline or next summer. But we have the two players in Gallo and Chandler we seem to be grooming. I think patience is the way to go.
If a good trade comes for those player types we need then make the move. But I don't think I mind seeing how this team is playing after a few months under the new staff.
I had some thought recently on dumping Zach. Wouldn't it be interesting to see the same team last year play for D'Antoni (minus marbury)? It would be a good way to gauge what this team really was or is. We can always move folks by the deadline or next summer. But we have the two players in Gallo and Chandler we seem to be grooming. I think patience is the way to go.
If a good trade comes for those types of players we need then make the move. But I don't think I mind seeing how this team is playing after a few months under the new staff.
Orange and Blue - I can't for the life of me recall what you might need to apologize for to me.
Since we are in the summer doldrums, I wanted to throw something out to you guys. Why isn't Carmelo Anthony one of the best players in the league? (I have my ideas on this.) I felt his game was the best of LeBron and DWade coming out - real post moves, real jumper, real game from the triple threat position. My friend from Colorado has suffered with the "almost" status of the Nugs for some time and also loves his potential, but bemoans the lack of D and rebounding. Like all of these so-called "stars" (Starbury) he doesn't seem to want to do the things that make his team win.
Saw this article about the Olympic team, I hope it means he's rethinking this and trying to learn to win. He makes as much as Z-Bo, not saying it would happen, or should, but things are getting squirrely in Denver.
http://www.denverpost.com/nuggets/ci_10182401
http://hoopshype.com/salaries/denver.htm
Willis - I like Anthony for his complete offensive game. He is such a technically sound scorer from all over the court that has a throwback feel to his game - post-ups, face-up, the midrange game, and he's slippery around the basket. That's why he's been such an effective FIBA (and NCAA) player too (he's been quoted in the past that he prefers FIBA basketball to the NBA game) - he combines a great feel with great fundamentals and can just flat out play in any environment.
I don't exactly know what it is that seems to be missing with him. I don't really care about most off the court incidents, and I haven't read anything about him that makes him seem like a bad teammate. He doesn't seem to have the sort of personality that dominates his team like LeBron does. But I just think his biggest strength - his terrific offense - isn't the kind of thing that necessarily translates to team success. In that way he reminds me of those prolific 80's scorers like Alex English and Kiki Vanderweghe, who could put up points any which way and generally made the playoffs, but were never really serious contenders. Like Denver now.
I agree Pete - one way player. Denver seemingly never changes. Never could understand the K-Mart thing either, all that money for a no-skill player with a bum wheel.
LeBron has the chosen one mentality down for sure, he's been the man forever and continues (with ridiculous ease) to do so in the NBA. His penchant for dominance is what holds him back from the ultimate goal though. He even dominates his coach and GM and as a result, he gets to play the game he wants to play, instead of the game that he should play. Acting like a point guard and shooting threes is a waste of time. His unique size and ability would be impossible to deal with if he played in the paint. No 3 in the league could hold him in the post, no 4 could stay in front of him if he squared up in the triple threat position. He could lead the league in rebounding - easily. Offensive rebounds for points, and extra possessions, defensive rebounds to start fast breaks and easy baskets for his teammates; double teamed every time he touched the ball, passing out to shooters, he'd still average the same number of assists. And an endless parade to the free throw line would ensue as well. But his need to be the show, instead of winning, and his unbelievable talent which makes his every wish on the court obtainable leads to flawed offense. He wants to lead the break and finish it, dunk it and hit the three. An embarrassment of riches. Will we have to wait until his knees are done before he finally takes his game to the paint? LeBron with Carmelo's game would be my prescription for Rings. But it seems they both lack what the great one they all wish they were (Kobe too) had. I'm speaking of Jordan of course - Iron Will, and an unwavering focus on winning.
I always think back to Jim Kelly's dialogue with Mr. Han in Enter the Dragon:
Han - You fought well yesterday. Your style is unorthodox.
Kelly - ....but effective
Han - It is not the art, but the combat you enjoy.
Kelly - ....the Winning
http://www.youtube.com/watch?v=URjF1h22j6U
go to the 3:20 mark, love the Polish subtitles.
Alleged, Peaceman, alleged.
Or do you feel guilty?