ARC buys out Daniels stake

Affiliates Regional Communications Ltd. announced late yesterday that it has purchased the 20% general partnership interest in ARC held by cable entrepreneur Bill Daniel’s Dansports LP.

Terms of the deal, completed Dec. 31, were not disclosed.

Sources said total value of ARC is about $ 175 million to $ 200 million.

Under the transaction, Liberty Regional Sports Inc., a subsid of Liberty Media Corp., will become the sole general partner in ARC with an equity interest of 76.66%.

John J. McMullen and Group W Services Inc. will continue as limited partners with equity interests of 22.06% and 1.28%, respectively.

ARC owns interest in Prime Network, Prime International, Satellite Sports Network, Home Sports Entertainment, Prime Sports Network and three regional webs in the Rocky Mountains and Midwest as well as the Sunshine Network in Florida and Home Team Sports.

Daniels, however, will continue to own the Prime Ticket regional sports network based in Los Angeles, as well as interest in the Lakers and major cable systems holdings in Southern California. He also will retain the brokerage firm Daniels & Associates.

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