Comcast is selling one of its regional sports networks.
The cable giant has a deal to sell NBC Sports Washington to its minority partner in the RSN, Monumental Sports & Entertainment, per The Hollywood Reporter.
Monumental currently owns 33 percent of the RSN, and will acquire the remaining 67 percent from Comcast. Financial terms were not disclosed, though the companies say the deal is expected to close next month.
NBC Sports Washington has the RSN rights to Washington Wizards NBA games and Washington Capitals NHL games, among others. Monumental, led by CEO Ted Leonsis, owns the Wizards and Capitals.
The RSN is available in D.C., Maryland and Virginia, as well as parts of Pennsylvania, West Virginia, and Delaware. NBC Sports will continue to provide technical and operational support for the RSN.
Comcast owns six other RSNs, though a source said that it is not in talks to sell any of its other properties. Rather, the deal with Momumental was a unique one, owing to its existing minority stake and role as a longtime rightsholder. In a statement, NBC’s RSN president Bill Bridgen called the deal a “unique opportunity.”
“We at Monumental Sports & Entertainment are incredibly excited to have reached an agreement to acquire NBC Sports Washington, an important business for our current and future core business operations,” said Zach Leonsis, president of media and new enterprises for Monumental. “Comcast NBCUniversal has built a strong regional sports network in NBC Sports Washington. We look forward to further enhancing and innovating on the already best-in-class experience that our fanbase enjoys of watching live sports, for years to come.”
LionTree served as Monumental’s advisor on the deal.