Allen drops sports stake

Microsoft co-founder sells interest in net

LONDON — Billionaire Paul Allen is selling his stake in the North American Sports Network, a digital cable channel that broadcasts baseball, basketball, NASCAR and other U.S. sports in Europe.

The Microsoft co-founder, an original investor in NASN, is selling the 70% stake he holds through his investment firm, Vulcan European Media Holdings, and venture capital firm Benchmark Capital is coming in as an investor, the firms said on Wednesday.

Irish broadcaster and original NASN stakeholder Setanta Sports bought Allen’s stake and then sold a half to Benchmark Capital.

Financial terms of the deal, which must be approved by the Irish Competition Authority, were not disclosed.

NASN originally launched in the U.K. and Ireland in 2002 and has expanded into Germany, the Netherlands, Switzerland and Iceland in the past year.

The network is available on pay TV platforms including satcaster BSkyB in the U.K. and Kabel Deutschland in Germany.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Scene News from Variety