Time Warner Cable and Comcast Announce Deal with Sterling Entertainment Enterprises, LLC to Launch Regional Sports Network
Time Warner Cable and Comcast Corporation announced today an agreement with Sterling Entertainment Enterprises, LLC ("SEE") to form a New York-based regional sports network that plans to launch in the spring of 2006. Each of the companies will have an equity interest in the new network. Financial terms of the agreement were not disclosed.
The new regional sports network, which has yet to be named, will obtain the rights to telecast up to 125 regular season games of the New York Mets in addition to pre-season games and other Mets related news and feature programming. The network is expected to carry all Mets home games and select away games in HDTV, as well as content on video on demand. Additionally, the new network will feature other professional and amateur sports events, with details to be announced in the future. Comcast will oversee the day-to-day management of the regional sports network.
"We are delighted to make this announcement with our partners, Time Warner Cable and Comcast," said Saul B. Katz, a partner in SEE. "This new network will provide exciting sports programming on a 24-hour basis, featuring the games and other exclusive content related to the New York Mets."
The new network will be available on the expanded basic tier and reach 2.3 million Time Warner Cable customers living in Manhattan, Brooklyn, Queens, Staten Island, upstate New York, Orange and Sullivan Counties in the New York Hudson Valley, and Bergen County, New Jersey, as well as 790,000 Comcast customers in New Jersey and Connecticut.
"We are pleased to ensure Mets fans in the New York metropolitan area will be able to watch their team for years to come in an uninterrupted manner," said Time Warner Cable Chairman and CEO, Glenn Britt.
"We are pleased to join with SEE and Time Warner in forming this network. Our participation allows us an opportunity to provide compelling sports programming and greater value for our customers in the New York Mets viewing area, and an opportunity to apply our sports programming expertise in a way that will benefit Mets fans," said Steve Burke, Chief Operating Officer of Comcast Corporation and President of Comcast Cable.
Once a management staff is in place at the new network, it is expected that additional carriage agreements will be announced with other cable television and satellite service providers throughout the New York Mets television territory.
About Sterling Entertainment Enterprises
SEE is a media company that was formed by the owners of the New York Mets with the intention of creating a regional sports network in New York. The announced agreement admits Time Warner Cable and Comcast Corporation into SEE as members in this venture.
About Time Warner Cable
Time Warner Cable owns and manages cable systems serving 10.9 million subscribers in 27 states, which include some of the most technologically advanced, best-clustered cable systems in the country with more than 75% of the Company's customers in systems of 300,000 subscribers or more. Utilizing a fully upgraded advanced cable network and a steadfast commitment to providing consumers with choice, value and world-class customer service, Time Warner Cable is an industry leader in delivering advanced products and services such as video on demand, high definition television, digital video recorders, high-speed data, wireless home networking and Digital Phone. Time Warner Cable is a subsidiary of Time Warner Inc.
Comcast Corporation (www.comcast.com) is principally involved in the development, management and operation of broadband cable networks, and in the provision of programming content. The Company is the largest provider of cable and broadband services in the United States, serving more than 21 million cable television customers and more than 6 million high-speed Internet customers. The Company's content businesses include majority ownership of Comcast Spectacor, Comcast SportsNet, E! Entertainment Television, Style Network, G4techTV, The Golf Channel, International Channel and Outdoor Life Network. Comcast Class A common stock and Class A Special common stock trade on The Nasdaq Stock Market under the symbols CMCSA and CMCSK, respectively.