May 14, 2021

Steve Cohen lingers over potential Mets sale; SNY could be key (New York Post)

Steve Cohen has not given up on buying the Mets, but sources close to the situation say he would want the team’s majority stake in cable network SNY to justify a new bid anywhere near the Wilpons’ $3 billion valuation.

What remains unclear is whether the Wilpons have any interest in selling SNY or dealing with Cohen a second time.

The Wilpons own 65 percent of the cable network in partnership with Spectrum and Comcast. Banking sources tell The Post the network is valued between $850 million-$1 billion, with gross earnings near $150 million annually. Considering the Mets are thought to lose $50 million in an average year, the network would be hugely useful in any sale of the organization.

“Cohen wants SNY, and he wants it at fair value,” one banker familiar with the deal said. “The team loses $50 million a year in a good year, so he wants SNY’s revenue, and he might pay a small premium to never have to deal with Fred and Jeff [Wilpon] ever again.”

After being spurned by Cohen at the altar when the deal to purchase the Mets collapsed earlier in the month, the Wilpons are moving forward with the plan to sell the Mets in an auction, being conducted by the…

Read “Steve Cohen lingers over potential Mets sale; SNY could be key” at New York Post