Comcast adds to sports net stakes

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NEW YORK -- Comcast Corp. will buy Cablevision Systems Corp.'s stake in regional sports channels FSN Bay Area and FSN New England.

Comcast will pay Cablevision $570 million in cash in the transaction when completed, the companies said Monday.

Cablevision's Rainbow Media Holdings owns 60% of FSN Bay Area and 50% of FSN New England. Comcast owns the other 50% of FSN New England, and News Corp. owns the remaining 40% of FSN Bay Area.

When the deal is completed, Comcast will own all of FSN New England and 60% of FSN Bay Area and will operate both channels. Rainbow and Cablevision will no longer own any regional sports channels outside of New York, where it owns FSN New York and MSG.

Comcast's stable of sports properties include cable network Versus, four Comcast SportsNets and the NHL's Philadelphia Flyers and NBA's Philadelphia 76ers.
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