MercyRogi 🇵🇷⚾️🇵🇷⚾️

Why didn’t Cohen buy SNY when he purchased the Mets? The decision came down to a mix of profitability, massive debt, and the collapsing cable television model: It was their biggest cash cow: While the Wilpons lost money running the Mets, SNY was highly profitable. Prior to selling the team, the Wilpons locked the Mets into a long-term broadcast rights deal that paid the team below-market rates, ensuring that whoever owned SNY would continue to rake in massive profits for years after the team was sold.  Massive Debt and Complications: The Wilpons had borrowed heavily against SNY—saddling the network with an estimated $1 billion in debt. On top of that, Comcast/NBCUniversal owns a minority stake in the network, which complicated a clean sale and gave Comcast a right of first refusal.  Cohen's Long Game: Cohen recognized that the traditional Regional Sports Network (RSN) model was dying due to cord-cutting. He was unwilling to overpay or take on the Wilpons' massive debt just to acquire it. #Mets