ALTICE USA IS ABANDONING LOCAL SPORTS FANS AND IS KEEPING MSG NETWORKS AND ITS KNICKS, RANGERS, ISLANDERS AND DEVILS COVERAGE OFF THE AIR

Rhea-AI Summary

MSG Networks, part of Sphere Entertainment Co. (NYSE: SPHR), announced that Altice USA has withdrawn from negotiations to restore MSG Networks to Optimum subscribers. The dispute affects over 1 million customers who have been paying for local sports programming without receiving the service. MSG Networks suggests affected customers should receive at least a $10 monthly credit.

The company is actively directing customers to alternative providers, including Verizon Fios, which is offering special deals for Optimum subscribers. Other viewing options include DirecTV, DirecTV Stream, Fubo, and The Gotham Sports App. MSG Networks operates two regional sports networks (MSG and MSG Sportsnet) and MSG+, providing coverage of major New York sports teams including the Knicks, Rangers, Islanders, Devils, and Buffalo Sabres.

Positive

• Multiple alternative distribution channels available through major providers
• Strong content portfolio including exclusive rights to major NY sports teams

Negative

• Loss of significant distribution through Altice USA's Optimum service affecting revenue
• Potential subscriber loss due to distribution dispute
• Risk of reduced advertising revenue due to decreased viewership

NEW YORK, Jan. 10, 2025 /PRNewswire/ -- MSG Networks released the following statement about their dispute with Altice USA:

"Altice USA has pulled their last proposal and walked away from negotiations to bring MSG Networks back to its Optimum subscribers. They also just dropped WPIX Channel 11 in New York and other local stations around the country. If you have been waiting, like we have, for them to do right by their customers – don't wait any longer. Now is the time to switch to Verizon Fios who has a special offer for Optimum subscribers. Meanwhile, Optimum has been charging their over 1 million customers for local sports programming they have not been receiving and EVERY subscriber should be credited at least $10 a month.

Verizon Fios is ready to take your business. If you are not in Verizon Fios area, you can get games through these other providers DirecTV, DirecTV Stream, Fubo and The Gotham Sports App. For more options on how to switch providers, visit www.keepMSG.com."

About MSG Networks

MSG Networks, a pioneer in sports media, owns and operates two award-winning regional sports and entertainment networks (MSG and MSG Sportsnet) and MSG+, a direct-to-consumer and authenticated streaming offering (included in the Gotham Sports App), that serve the nation's number one media market, the New York DMA, as well as other portions of New York, New Jersey, Connecticut and Pennsylvania. The networks feature a wide range of compelling sports content, including exclusive live local games and other programming of the New York Knicks, New York Rangers, New York Islanders, New Jersey Devils and Buffalo Sabres, as well as significant coverage of the New York Giants and Buffalo Bills. This content, in addition to a diverse array of other sporting events and critically acclaimed original programming, has established MSG Networks as the gold standard in regional sports. MSG Networks is part of the Sphere Entertainment Co. (NYSE: SPHR).

Contact:

Dan Schoenberg (dan.schoenberg@msg.com)

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SOURCE Sphere Entertainment Co.

FAQ

How will the Altice USA dispute affect SPHR's MSG Networks revenue in 2024?

The dispute with Altice USA could negatively impact MSG Networks' revenue due to loss of distribution to over 1 million Optimum subscribers and potential reduction in advertising revenue.

What alternative providers are available for MSG Networks content after Altice USA dispute?

Viewers can access MSG Networks content through Verizon Fios, DirecTV, DirecTV Stream, Fubo, and The Gotham Sports App.

How much credit should Optimum subscribers receive for missing MSG Networks content?

According to MSG Networks, Optimum subscribers should receive at least $10 monthly credit for the sports programming they are not receiving.

Which major sports teams' coverage is affected by the MSG Networks-Altice USA dispute?

The dispute affects coverage of the New York Knicks, New York Rangers, New York Islanders, New Jersey Devils, and Buffalo Sabres games.