Comcast (NASDAQ: CMCSA) will appeal a bankruptcy court decision to transfer ownership of regional sports network CSN Houston to DirecTV (NASDAQ: DTV) and AT&T (NYSE: T).
But according to the Houston Chronicle, which has been exclusively tracking the case, Judge Marvin Isgur refused Comcast's request to stay his decision in the Chapter 11 restructuring.
The channel is now transitioning from CSN Houston to Root Sports Houston and is slated to begin presenting Houston Rockets games again in mid-November. Under the restructuring, DirecTV, AT&T and Comcast will all carry the network.
Comcast, however, is now cleared to request a stay of Isgur's decision through U.S. District Court, pending its appeal of the case.
Key to that appeal will be the bankruptcy court's valuation of CSN Houston, which was used to back a $100 million secured loan Comcast put into the venture, which it jointly undertook in 2012 with the Houston Astros and Rockets.
For more:
- read this Houston Chronicle story
Related links:
Bankruptcy ruling finally clears sale of CSN Houston to AT&T and DirecTV
Comcast clears way for CSN Houston sale, will not appeal valuation
Comcast to appeal CSN Houston valuation ruling
Comcast loses key CSN Houston ruling, clearing sale to AT&T and DirecTV
Comcast SportsNet Houston value has dropped from $700M to $22M, consultant says
Comcast rejects latest SportsNet Houston deal
DirecTV set to take over Houston RSN it refused to carry