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MSG more pressured to return capital following Fuse deal, says Maxim

Maxim believes the $266M in cash that Madison Square Garden (MSG) will receive as part of its deal to sell Fuse network puts more pressure on the company to return capital to shareholders via a stock buyback. Maxim notes it had valued Fuse at $260M, or $3.33 per MSG share, prior to the deal announcement. Maxim added that it views Hispanic TV provider Hemisphere Media (HMTV), which has a smaller subscriber base than Fuse but is profitable, as having "a compelling value proposition."