The cable and media company booked a net $236 million of impairment in investment and loans related to the Houston-based regional sports network, according to a Form 10-K filed Feb. 27.
CSN Houston broadcasts the games of MLB's Houston Astros and NBA's Houston Rockets. Comcast owned a 23% stake in the network while the Astros owned 46% and the Rockets had the rest. But the network had difficulty getting carried by a pay TV operator because its fees were among the highest for RSNs.
After CSN Houston filed for bankruptcy, AT&T Inc. and DIRECTV bought the network. AT&T owns 40% while DIRECTV holds 60%. The new RSN was relaunched as Root Sports Southwest.
The Astros and Rockets gave up their ownership and voting rights but will collect rights fees.
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