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Shares of MSG Networks (MSGN) - Get MSG Networks Inc. Class A Report rose more than 5% on Monday following a report that said cable media titan John Malone's Liberty Media was considering making a bid for the company.

The New York Post reported on Friday that Liberty Media, which owns a majority of Sirius XM and the Atlanta Braves as well as a stake in Formula One, is considering making a bid for MSG Networks, whose bread-and-butter is broadcasting games for the NBA's New York Knicks and NHL's Rangers and Islanders.

Malone is currently in the mix to buy 21 Fox-owned regional sports channels, including SportsTime Ohio and Fox Sports Florida, that Walt Disney (DIS) - Get The Walt Disney Company Report is selling as a regulatory condition of its $71 billion merger with Twenty-First Century Fox (FOXA) - Get Fox Corporation Report .

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According to the report, if successful in his overtures to secure the Fox-owned channels, turning his attention to regional sports cable channels in the New York City area would be a natural next step, particularly since MSG Network's key rival, YES Network, is likely headed to the New York Yankees, and Sinclair.

Another positive: Malone and MSG Networks owner James Dolan have a long-standing friendship - and have worked together in the past, according to the Post.

Shares of MSG Networks were up nearly 6% at $23.24 on Monday.

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