James Dolans MSG Networks reaches deal to avoid | Gossip Wire

MSG Networks on Friday introduced a deal with its lender JPMorgan that permits the regional sports activities channel to avoid chapter — and probably pave the way in which for a merger with the YES Network.

Under phrases of the out-of-court debt restructuring, MSGN — which carries the Knicks, Rangers, Islanders, Devils, Sabres and Gotham FC — slashes a JPMorgan loan to $210 million from more than $800 million.

In exchange, Knicks proprietor James Dolan — whose Sphere Entertainment owns and controls MSGN — has agreed to cut back the rights charges that MSGN pays the Knicks and…