Shares of MSG Networks (MSGN) were down 7% on January 15 when the New York Post reported that Disney (DIS), which is required to sell off the Fox regional sports networks per a mandate from the Department of Justice, is having a "tough time" finding a buyer for the whole package, Imperial Capital analyst David Miller tells investors in a research note. The article seemed to imply that if the auction is not successful and Disney is forced to deploy a fire sale on the networks, and ends up receiving only five-to-six times EBITDA, that that is where MSG Networks should trade, says the analyst. He disagrees with this thought. The "mark" for MSG Networks is terminal value on YES only, not the other 21 regional sports networks, which are far less profitable, Miller contends. He maintains an Outperform rating on MSG Networks with a $32 price target.

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