Adding to the cluster**** that is the CSN Houston issue, Comcast came out and said this morning that they wouldn't purchase the network to get it out of bankruptcy, doing the opposite of what Jim Crane thought they would do less than a week ago.
A statement from Comcast read, in part:
Comcast initiated this bankruptcy proceeding in the belief that the
Chapter 11 process would permit the network to reorganize, thus
preserving the network’s value and the jobs of many employees...Much has happened, however, in the nearly six months
since this involuntary case was filed. In view of these developments,
Comcast is no longer prepared to purchase the network.
“Comcast remains open to considering any proposal by the debtor for
reorganizing the network successfully in Chapter 11, including through
an auction or through further efforts to obtain additional carriage.
Astros General Counsel Giles Kibbe said that it represents a shift in Comcast's negotiation tactics:
Comcast drove the network into bankruptcy for the stated purpose of
preventing us from terminating our media rights agreement and to buy the
network out of bankruptcy. Now, after forcing the city,
fans and teams through this ordeal for the last seven months, they’re
pulling out. Market conditions haven’t changed. Comcast’s tactics have.
So this is just great.
We didn't come out here to play tiddlywinks, son.
-Hal Smith
Showing posts with label Comcast. Show all posts
Showing posts with label Comcast. Show all posts
Tuesday, March 18, 2014
Thursday, November 21, 2013
Fraud, huh?
Tom Kirkendall tweeted out a link to a statement the Astros made this evening regarding a petition that Jim Crane and the Astros filed today...
The Petition asserts causes of action for fraud as to McLane Champions, LLC and R. Drayton McLane Jr; negligent misrepresentation as to all Defendants; breach of contract and declaratory judgment as to McLane Champions, LLC; and civil conspiracy as to all Defendants, relating to and in connection with the purchase of Houston McLane Company, LLC and its equity interests by Jim Crane and the current ownership group in 2011.
The Defendants are listed as Drayton, Comcast, NBC Universal, and Jon Litner - the Group President of the NBC Sports Group.
The reason for filing today, according to the statement, is that the statute of limitations would expire today, and they filed to preserve their rights.
This is, um, big.
The Petition asserts causes of action for fraud as to McLane Champions, LLC and R. Drayton McLane Jr; negligent misrepresentation as to all Defendants; breach of contract and declaratory judgment as to McLane Champions, LLC; and civil conspiracy as to all Defendants, relating to and in connection with the purchase of Houston McLane Company, LLC and its equity interests by Jim Crane and the current ownership group in 2011.
The Defendants are listed as Drayton, Comcast, NBC Universal, and Jon Litner - the Group President of the NBC Sports Group.
The reason for filing today, according to the statement, is that the statute of limitations would expire today, and they filed to preserve their rights.
This is, um, big.
Monday, October 28, 2013
Updates on CSN Houston bankruptcy hearing
David Barron is killing it on Twitter, as he's in attendance for the hearing to determine if the CSN Houston involuntary bankruptcy suit will get thrown out, or will proceed as planned. Some key updates for you:
But before we get to the updates, take a few minutes to read Barron's story from yesterday on just how the Astros, Rockets, and CSN Houston got here.
3:46pm: Figures being tossed around in testimony are being kept hidden from the public, per NBC/Comcast's request.
3:35pm: Postolos says the Astros kept asking Comcast to restructure CSN Houston in October 2012, but "there was no way to get them to come to the table."
2:39pm: 2nd witness (after Jim Crane) is George Postolos, who testifies that Drayton's adviser Steve Greenberg told the new ownership group that CSN Houston would grow in value enough to pay for the team and network share by 2020.
1:56pm: Even if the Astros had completed carriage deals earlier this season, CSN Houston was still projected to lose money in the long-term.
1:48pm: Jim Crane says that he called Fox to talk about returning Astros games to the network.
12:09pm: That offer might have been the first domino, but Crane says CSN Houston was on the path to lose up to $200m.
12:06pm: An unnamed distributor offered a deal on May 10, but the Astros rejected it as the deal wouldn't have made CSN Houston profitable on its own.
11:39am: Jim Crane, the first witness, says Comcast never offered anything "remotely close" to the $150m needed for CSN Houston to be profitable.
11:15am: The Rockets have officially broken with the Astros and are now joining Comcast as a petitioning creditor.
10:57am: Opening statements finish
10:53am: CSN Houston owes the Astros $18m in unpaid rights fees.
10:43am: Comcast says there was an offer from a carrier that would have led to a more modest profit, and further carriage deals, but the Astros balked.
10:39am: Comcast's attorney says the original profit expectations simply isn't attainable now.
10:30am: Astros say DirecTV's current offer isn't enough to make the network profitable.
10:15am: The attorney for the Astros is arguing that the Comcast affiliates don't meet the requirements to file for Chapter 11 bankruptcy. He says the partnership with CSN Houston was "like a pre-nup," and the relationship hasn't worked out.
8:56am: There are at least 35 lawyers in attendance
But before we get to the updates, take a few minutes to read Barron's story from yesterday on just how the Astros, Rockets, and CSN Houston got here.
3:46pm: Figures being tossed around in testimony are being kept hidden from the public, per NBC/Comcast's request.
3:35pm: Postolos says the Astros kept asking Comcast to restructure CSN Houston in October 2012, but "there was no way to get them to come to the table."
2:39pm: 2nd witness (after Jim Crane) is George Postolos, who testifies that Drayton's adviser Steve Greenberg told the new ownership group that CSN Houston would grow in value enough to pay for the team and network share by 2020.
1:56pm: Even if the Astros had completed carriage deals earlier this season, CSN Houston was still projected to lose money in the long-term.
1:48pm: Jim Crane says that he called Fox to talk about returning Astros games to the network.
12:09pm: That offer might have been the first domino, but Crane says CSN Houston was on the path to lose up to $200m.
12:06pm: An unnamed distributor offered a deal on May 10, but the Astros rejected it as the deal wouldn't have made CSN Houston profitable on its own.
11:39am: Jim Crane, the first witness, says Comcast never offered anything "remotely close" to the $150m needed for CSN Houston to be profitable.
11:15am: The Rockets have officially broken with the Astros and are now joining Comcast as a petitioning creditor.
10:57am: Opening statements finish
10:53am: CSN Houston owes the Astros $18m in unpaid rights fees.
10:43am: Comcast says there was an offer from a carrier that would have led to a more modest profit, and further carriage deals, but the Astros balked.
10:39am: Comcast's attorney says the original profit expectations simply isn't attainable now.
10:30am: Astros say DirecTV's current offer isn't enough to make the network profitable.
10:15am: The attorney for the Astros is arguing that the Comcast affiliates don't meet the requirements to file for Chapter 11 bankruptcy. He says the partnership with CSN Houston was "like a pre-nup," and the relationship hasn't worked out.
8:56am: There are at least 35 lawyers in attendance
Saturday, April 21, 2012
Postolos feels your pain
Anyone who happens to be more than a little irritated that you can't watch all of the Astros games has a friend in George Postolos.
If you're looking at it from a fan perspective, [not televising] games is difficult to understand. We certainly want to do everything we can to encourage our broadcast partner for the season to program their network to appease Astros fans."
Next year, we'll be able to see EVERYTHING on Comcast SportsNet Houston, including a pre-game show where there's a hidden camera in Brad Mills' personal bathroom*.
(*False)
If you're looking at it from a fan perspective, [not televising] games is difficult to understand. We certainly want to do everything we can to encourage our broadcast partner for the season to program their network to appease Astros fans."
Next year, we'll be able to see EVERYTHING on Comcast SportsNet Houston, including a pre-game show where there's a hidden camera in Brad Mills' personal bathroom*.
(*False)
Sunday, May 15, 2011
Details emerging on sale price
NESN, via Fox Sports, has some details on the sale price of the Astros:
*"Baseball Sources" confirmed that the deal is for $680m.
*However, Crane is acquiring his portion of the RSN with Comcast for $93m.
So that means that Drayton nearly got his $800m...
*"Baseball Sources" confirmed that the deal is for $680m.
*However, Crane is acquiring his portion of the RSN with Comcast for $93m.
So that means that Drayton nearly got his $800m...
Monday, November 8, 2010
Details starting to emerge on the new Astros RSN
David Barron is getting some details regarding the Astros/Rockets RSN, scheduled to begin in 2012. Some notes:
-Astros games begin broadcasting in 2012.
-The Astros and Rockets will own 77.5% of the deal, worth over $1 billion.
A person with knowledge of the negotiations notes (via Barron) that Fox offered a similar deal - $1b + $200m signing bonus - but left out what Comcast was willing to provide:
"The only thing that wasn't offered was ownership (in the network)."
For those of you wondering how this affects your ability to throw inanimate objects at the television 162 times a year:
Comcast and the teams will have to negotiate carriage agreements with satellite and fiber providers and with other cable systems, which have about 120,000 customers in the Houston DMA. They also will have to negotiate with Time Warner Cable in major markets such as San Antonio and Austin.
-Astros games begin broadcasting in 2012.
-The Astros and Rockets will own 77.5% of the deal, worth over $1 billion.
A person with knowledge of the negotiations notes (via Barron) that Fox offered a similar deal - $1b + $200m signing bonus - but left out what Comcast was willing to provide:
"The only thing that wasn't offered was ownership (in the network)."
For those of you wondering how this affects your ability to throw inanimate objects at the television 162 times a year:
Comcast and the teams will have to negotiate carriage agreements with satellite and fiber providers and with other cable systems, which have about 120,000 customers in the Houston DMA. They also will have to negotiate with Time Warner Cable in major markets such as San Antonio and Austin.
Saturday, November 6, 2010
How do you feel about Rangers billboards in Houston?
Because that's what's coming.
This is the curious thing about the Astros moving to their own RSN with the Rockets. By doing so, yes, they get their own station, and that generates a lot of money, sure. But I wonder if owners are so focused on getting their own network, that they don't think through what that means. In the Astros' case, what getting their own RSN means is that the Rangers will now have every single game broadcast in Houston.
And let's face it, Houstonians like to watch a winner. If the Astros are playing the Pirates in September and are 15 games under .500 and 17 games back, and the Rangers are playing the Red Sox in a pennant race, the Astros won't be getting those ratings. Of course, the Astros will get their jack from Comcast regardless of the standings, but Drayton has made it a possibility - especially with Nolan Ryan at the helm of the Rangers - that the Rangers will be the team to watch. In Houston.
This is the curious thing about the Astros moving to their own RSN with the Rockets. By doing so, yes, they get their own station, and that generates a lot of money, sure. But I wonder if owners are so focused on getting their own network, that they don't think through what that means. In the Astros' case, what getting their own RSN means is that the Rangers will now have every single game broadcast in Houston.
And let's face it, Houstonians like to watch a winner. If the Astros are playing the Pirates in September and are 15 games under .500 and 17 games back, and the Rangers are playing the Red Sox in a pennant race, the Astros won't be getting those ratings. Of course, the Astros will get their jack from Comcast regardless of the standings, but Drayton has made it a possibility - especially with Nolan Ryan at the helm of the Rangers - that the Rangers will be the team to watch. In Houston.
Tuesday, September 28, 2010
Astros get $45 million a year from FSH
Yesterday the big news was that the Rangers and Fox Sports Southwest had agreed to a 20-year deal worth an estimated $1.6 billion, beginning in 2015. That's around $80 million a year.
For comparison, the Astros receive about $45 million/year. But David Barron tells us what it means for Houston:
Fox’s willingness to commit to a new deal with the Rangers was interpreted Monday as an indication that it is moving on from what appears to be a futile attempt to keep the Rockets and Astros past 2012. Major League Baseball’s rules governing broadcasting territories will allow FS Southwest to continue airing Rangers games in Houston, even if the Astros and Rockets go elsewhere.
"Elsewhere" meaning "Comcast."
Drayton:
“Hopefully in a week or so we will have it to a conclusion. Some things remain to be done. It’s a long, complex deal that we’re working on in conjunction with the Rockets. When you put two organizations together and work with a network, it takes time.”
McLane wouldn't comment on any sort of details. But stay tuned! Nothing makes the off-season fly by like media news!
For comparison, the Astros receive about $45 million/year. But David Barron tells us what it means for Houston:
Fox’s willingness to commit to a new deal with the Rangers was interpreted Monday as an indication that it is moving on from what appears to be a futile attempt to keep the Rockets and Astros past 2012. Major League Baseball’s rules governing broadcasting territories will allow FS Southwest to continue airing Rangers games in Houston, even if the Astros and Rockets go elsewhere.
"Elsewhere" meaning "Comcast."
Drayton:
“Hopefully in a week or so we will have it to a conclusion. Some things remain to be done. It’s a long, complex deal that we’re working on in conjunction with the Rockets. When you put two organizations together and work with a network, it takes time.”
McLane wouldn't comment on any sort of details. But stay tuned! Nothing makes the off-season fly by like media news!
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