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Time Warner Cable expected to lose $1 billion in messy Dodgers TV deal
Time Warner Cable is expected to lose $1 billion in its messy deal involving the Los Angeles Dodgers' television rights, according to the New York Post.
The company acquired the right to air Dodgers' games on SportsNet LA in 2013. The reported contract was worth $8.35 billion over 25 years. Time Warner Cable believed providers such as DirecTV or Dish Network would pay to carry the channel, but that hasn't been the case thus far.
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Time Warner Cable hasn't lowered its demands, which means roughly 70 percent of Southern California households will be unable to watch games for the second straight season. The company is reported asking for about $5 per subscriber in order for providers to carry the channel.
That would make SportNet LA the third most-expensive sports channel in the United States, according to a survey conducted by SNL Kagan, a consulting firm. And, according to the Post at least, Time Warner would rather take a $1 billion hit than bring down its price:
Sources told The Post that the market rate for the channel is more likely $3 per subscriber per month, meaning the charge will be almost $1 billion when adjusted over the life of the contract or in the region of $700 million in present-day terms.
“Comcast will be made whole,” said the source, suggesting this mess had to be cleaned up as a condition of Comcast’s proposed deal to acquire Time Warner Cable.
“Unless the deal closes, there will not be another [Dodgers] season shown outside of Time Warner Cable. I don’t believe they’ll get carriage,” a source told The Post.
Time Warner Cable has reportedly attempted to rectify the situation in recent weeks, but have not been successful, according to the Los Angeles Times. The company has also denied that it is facing such a massive loss.
"Time Warner Cable has no plans to take a write-down in connection with its Dodgers contract," the company said late Tuesday in a statement. "In fact, TWC does not carry an asset on its balance sheet related to the Dodgers and, therefore, there is no asset for it to write down now or in the future."
If Time Warner Cable were to "take a write-down" that would mean the company would have to admit that the rights to air Dodgers games is a declining asset. This would have a huge impact on their financial situation if the reported figures are true.
Money aside, this presents an incredibly frustrating situation for Dodgers' fans. The team is expected to be competitive this season, yet the games won't be aired in most homes. On top of that, legendary broadcaster Vin Scully's career is winding down, and fans likely want to tune in to watch him.
While fans can listen to Scully on the radio, they won't get to see Yasiel Puig make an exciting defense play, or experience the beauty of a Clayton Kershaw curveball with their eyes. The whole situation stinks.
We here at The Stew believe that no one should be unable to watch their favorite teams. Hopefully, the situation gets resolved soon, and Dodgers' fans can actually watch their team compete for the National League West title this season.
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Chris Cwik is a writer for Big League Stew on Yahoo Sports. Have a tip? Email him at christophercwik@yahoo.com or follow him on Twitter! Follow @Chris_Cwik
