Comcast Corp. will sell its significant stake in NBC Sports Washington to Monumental Sports & Entertainment, a minority owner of the regional sports network.
The two companies announced in a press release Tuesday that Monumental would purchase NBCUniversal's majority 67% stake in NBC Sports Washington from Comcast to take complete ownership.
The financial terms of the agreement were not disclosed, and the acquisition will be subject to regulatory approval and other customary closing conditions, according to the release put out by Monumental.
"Comcast NBCUniversal has built a strong regional sports network in NBC Sports Washington," Zach Leonsis, Monumental's president of media and new enterprises, said in a statement. "We look forward to further enhancing and innovating on the already best-in-class experience that our fan base enjoys of watching live sports for years to come."
Monumental has held a 33% stake in NBC Sports Washington since 2016, the release said. The company also owns five District of Columbia-based professional sports teams, including the Washington Capitals hockey team, the Washington Wizards of the NBA and the Washington Mystics of the WNBA.
According to the release, NBC Sports Washington holds exclusive local television rights for Capitals and Wizards games. The network is available to viewers in the district, Maryland and Virginia area and broadcasts in portions of the nearby states of Pennsylvania, Delaware and West Virginia.
NBC Sports Regional Networks President Bill Bridgen called Monumental's 100% ownership of NBC Sports Washington a "unique opportunity," adding the company "look[s] forward to continuing our work with them during the transition to support the network's continued growth and success."
NBCUniversal, owned by Comcast, will provide services that aid in the operation of the regional sports network for up to 1 ½ years as part of the transaction, the release added.