Mets Rumors: Steve Cohen Wants Majority Stake in SNY amid Team's $3B Valuation

Rob Goldberg@TheRobGoldbergFeatured ColumnistFebruary 20, 2020

FILE - In this Oct. 29, 2015, file photo, members of the media and grounds crew work on the field at Citi Field in New York, the day before Game 3 of the World Series between the Mets and the Kansas City Royals at the stadium. Baseball Commissioner Rob Manfred says talks have ended over the proposed sale of a controlling share of the Mets from the families of Fred Wilpon and Saul Katz to hedge fund manager Steven Cohen. (AP Photo/Peter Morgan, File)
Peter Morgan/Associated Press

Although initial sale discussions fell through, Steve Cohen is reportedly still pursuing ownership of the New York Mets, according to Thornton McEnery of the New York Post.

To justify the team's $3 billion valuation, he's looking to also purchase the team's cable network, SNY. Current Mets owners Jeff and Fred Wilpon own 65 percent of the network.

"Cohen wants SNY, and he wants it at fair value," a source told McEnery. "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."

Cohen initially discussed a deal to purchase an 80 percent stake in the team for $2.6 billion, but the agreement fell through earlier this month.

"I'm very disappointed we couldn't work out a deal," Cohen said in a statement after the deal broke apart, per Tim Healey of Newsday. "But as an 8 percent holder, I'm looking forward to a higher bid for the team."

While the two sides had initially agreed on a five-year transition period, the Wilpons wanted to maintain team control beyond the 2024 season and wanted to extend their control of SNY beyond the current 20-year rights deal, per Deesha Thosar of the New York Daily News.

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Daniel Kaplan of The Athletic reported Wednesday that SNY is now "available if a bidder is interested."

It appears Cohen will continue to bid for the Mets, although McEnery noted the animosity between him and the current owners might prevent a deal from ever getting completed.