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MSG Networks (MSGN) is the operator of a cable sports channel in the New York metropolitan area. But it's important to remember the key fact about MSGN: the "cable" part of the description is far, far more important than the "sports" part.
About 90% of revenue comes from "affiliation fees": payments from cable, satellite, and so-called vMVPDs like AT&T's (T) AT&T TV NOW. Those fees are negotiated as part of multi-year agreements — and MSGN gets paid on a per-subscriber basis.
The problem is that those subscriber figures are falling fast.