Comments 6 1of6Houston Astros right fielder Josh Reddick 22 points to the sky as he runs past San Diego Padres catcher Austin Hedges 18 after hitting a solo home run during the sixth inning of a major league baseball game at Minute Maid Park on Sunday, April 8,in Houston. The Astros beat the Padresto take the series
Hicks is collaborating with Mavericks owner Ross Perot Jr. Further, Hicks acquired real estate adjacent to the Ballpark in Arlington, where he wants to build an entertainment center with hotels.
Hicks' plan is to meld his entertainment and sports assets and then offer public stock, Lites told attendees at the May 6 Kagans Sports Values conference in New York.
Hicks already is rumored to have personally bought KXTX from his buyout group in a move toward creating the sports and media company.
Lites confirmed that Hicks is negotiating the purchase. The Stars and Rangers have one year left on those contracts.
In case those talks fail, Hicks also is negotiating with Walt Disney Co. Hicks also owns a piece of Chancellor Media Corp.
Those talks failed. Hicks, however, remained convinced the strategy would offer opportunities for cross-marketing, advertising, ticketing and leasing, and went ahead on his own and agreed to buy the Rangers.
If successful, Hicks' venture would become the latest example of the convergence of sports and entertainment.
Time Warner owns three of Atlanta's four professional sports teams, and News Corp. The sum seemed high to many, but now Murdoch owns for eternity what would be costly programming rights to one of sports' most storied franchises. As a result, next month's planned Cleveland Indians initial public offering -- the first since Major League Baseball allowed partial public ownership -- is getting a thumbs down from many investment professionals because the team is being offered as a stand-alone entity.
By contrast, Florida Panthers Holdings went public in late as just an ice hockey team but quickly expanded into real estate and venue ownership.