Fortune magazine is profiling Guggenheim Partners in its March 18 print edition, and you can read the article online here. It’s worth the 20 minutes.
There’s quite a bit of background on Guggenheim and very little of it has to do with baseball. Mark Walter and Todd Boehly are not baseball men — they’re money men — and Fortune paints a broad picture of how they’ve gone about their business. The company (and by extension, the entity that owns the Dodgers) is connected to the original Guggenheim family and its eponymous museum in a real way; Fortune explains how Walter and Boehly expanded their empire with some shrewd purchases during the 2008 recession and afterward.
The Dodgers and Time Warner Cable officially announced the creation of a new channel, SportsNet LA, this morning.
In effect, the Dodgers will be televised on their own regional sports network beginning in the 2014 season. The next challenge will be to secure distribution among the local carriers. TWC has already agreed to be the charter distributor throughout Southern California and Hawaii.
Here’s the full text of the press release from TWC:
It’s only a number, maybe only a guess, but it’s a big one.
Forbes estimates the Dodgers’ TV rights could fetch the team as much as $8.5 billion.
Read the story online here and when you read the headline, just remember: Team Chairman Mark Walter doesn’t think he’s going on a spending spree.