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.