Shares of MSG Networks (MSGN - Get 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 Report) is selling as a regulatory condition of its $71 billion merger with Twenty-First Century Fox (FOXA) .

Right back at it tonight in ���� before a packed week @thegarden ��
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— NEW YORK KNICKS (@nyknicks) March 18, 2019

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, Amazon.com 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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