MSG Networks nears deal to avoid bankruptcy, NY Post reports

MSG Networks (MSGN) is close to a deal with lender JPMorgan (JPM) that would allow the regional sports channel to avoid bankruptcy and potentially pave the way for a merger with the YES Network, The New York Post’s Brian Lewis and Josh Kosman report. Under the terms of the potential deal, MSG Networks will win a debt refinancing in which JPMorgan agrees to reduce it to around $600M from a current bill of roughly $800M, while James Dolan, whose Sphere Entertainment (SPHR) owns and controls MSG Networks, would agree to reduce the rights fees MSG Networks pays the Knicks and Rangers, according to sources close to the talks.