News Corp. is negotiating a deal to buy 66 percent of the YES Network, with the New York Yankees retaining its minority share and the network’s investors selling out to Rupert Murdoch and crew.
To say there’s a cozy relationship between MLB and News Corp. via Fox is an understatement: many teams receive a large chunk of their operating revenues from regional sports networks owned by News Corp., and the firm is also a major rightsholder for nationally televised MLB games. Adding YES Network to a broadcast empire would be keeping in line with the firm’s business strategy of growth through sports programming.
As stated, the Yankees would retain its 34 percent share of YES; News Corp. would be buying out the equity partners, which includes Goldman Sachs and Providence Equity Partners. The price of the deal could approach $2 billion.
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