The Clap
Comcast (NASDAQ: CMCSA) agreed to sell its majority stake in NBC Sports Washington to Monumental Sports and Entertainment.
The Deets
Monumental, who owns 33% of NBC Sports, will seize full ownership of the company following the deal.
Comcast will continue to help in operating the network for 18 months following the completion of the deal.
Why this Happened
Consumers are shifting to streaming services and suspending their subscriptions to satellite and cable TV. Comcast, recognizing this trend, opted to exit the company.
What Now for Comcast
Comcast still owns multiple other local sports networks, although it is exploring the possibility of selling some of these networks.
Comcast cashes out on NBC Sports 🤝
