News Corp. Acquires Equity Stake in YES Network

NEW YORK: News Corporation has confirmed its purchase of a 49-percent equity stake in the Yankees Entertainment and Sports (YES) Network via a deal with Yankee Global Enterprises.

The YES Network broadcasts exclusive live coverage of New York Yankees baseball and Brooklyn Nets basketball, along with other leading local and national sports-related programming. The YES Network recently scored a media rights agreement to keep Yankees baseball on the channel through 2042.

Yankee Global Enterprises, Goldman Sachs and other investors will reduce their current ownership following the closing of this News Corp. deal. After three years, News Corp. can acquire additional shares in the network that could bring its ownership up to 80 percent.

“We’ve long been a believer in the unique appeal of sports entertainment. Partnering upstream with rights holders is even more important today in the dynamic media marketplace in which we compete. 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, the deputy COO of News Corporation. “The YES Network represents the gold standard for regional sports networks and is a pioneer in sports media. We look forward to working with Yankee Global Enterprises, the network’s management team, and all of our partners to build on a decade of success and take the YES Network to even greater heights.”

Hal Steinbrenner, the chairman of Yankee Global Enterprises, added, “This transaction underscores the great value we and our partners created in establishing the YES Network and sets the network on the path for even greater achievements in the future. We are excited to have News Corporation as a partner. Its stature and acumen in sports broadcasting on a global scale is unmatched. We look forward to the many opportunities for growth and development that this investment by News Corporation will bring to YES. The Steinbrenner family expects to have a continuing, long-term ownership stake in the YES Network and we will continue our yearly commitment of fielding a championship caliber team for decades to come.”