TVNewser FishbowlDC AgencySpy TVSpy LostRemote PRNewser SocialTimes AllFacebook 10,000 Words GalleyCat UnBeige MediaJobsDaily

News Corp. Confirms Purchase of YES Network Stake

News Corporation just made the rumor that it was purchasing a stake in YES Network a fact. According to a press release from the company, the deal for News Corp. to acquire a 49 percent stake in YES will close by the end of the year.

As part of the deal (numbers were not disclosed) Yankee Global Enterprises, YES’s parent, Goldman Sachs, and others reduce their stake. After three years, News Corp. has the green light to purchase up to 80 percent of the network.  Also, buried in the same release, YES Network now owns the broadcast rights to Yankees games through 2042.

“This is a tremendous opportunity to enhance News Corporation’s industry-leading portfolio of sports properties, while also strategically re-entering the New York market,” said James Murdoch, News Corp.’s deputy COO, in a statement. “The YES Network represents the gold standard for regional sports networks and is a pioneer in sports media.”

“FOX wrote the book on regional sports networks, and we are excited to partner with FOX and take advantage of this opportunity to build upon our leadership position,” added Tracy Dolgin, YES Network’s president and CEO.

Mediabistro Course

Content Marketing 101

Content Marketing 101Starting September 8, get hands-on content marketing training in Content Marketing 101! Through a series of webcasts, content and marketing experts will teach you the best practices for creating, distributing and measuring the results of your brand's content, including how to develop a content marketing plan, become a content marketing and more. Register now!