/// News Corp. Acquires 49% Stake in YES Network
News Corp. has acquired nearly half of the YES Network with an option after three years to boost its position to 80 percent (pending MLB approval, of course, as is the rest of the deal). The 49 percent stake is worth quite a bit: Forbes puts the value of the network at some $3.4 billion. The Yankees, Goldman Sachs and other investors will sell down their stakes to make room for News, which means a serious payday for the Yankees, too, given that the organization owns 34 percent of the network at present. The The deal is expected to close by year-end; the Yankees will come out between $400 and $500 million richer. Goldman's private equity unit will see its stake reduced from 30 percent to 12 percent. With the agreement comes another deal: a contract between the Yankees and YES that will keep the team on the regional sports network (one of cable's most reliable recent success stories ) until 2042. The 11-year-old YES is in about 9 million households in the New York area; it carries both Yankees baseball games and Brooklyn Nets basketball.
News Corp. Acquires 49% Stake in YES Network
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