Comcast has sold its majority stake in NBC Sports Washington to minority owner Monumental Sports & Entertainment, the company led by former America Online executive Ted Leonsis, owner of the regional sports networks' two biggest program licensees, the NBA's Washington Wizards and NHL's Washington Capitals.
Financial terms weren't announced. The companies said the deal should close next month.
“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," said Zach Leonsis, president of media and new enterprises for Monumental, in a statement.
NBC Sports Washington is available in Washington, 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 channel for the next 18 months.
Comcast, which still owns six regional sports networks, insists it's not getting out of an RSN business increasingly troubled by cord cutting and skyrocketing licensing fees.
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Daniel Frankel is the managing editor of Next TV, an internet publishing vertical focused on the business of video streaming. A Los Angeles-based writer and editor who has covered the media and technology industries for more than two decades, Daniel has worked on staff for publications including E! Online, Electronic Media, Mediaweek, Variety, paidContent and GigaOm. You can start living a healthier life with greater wealth and prosperity by following Daniel on Twitter today!