News Corp. is closing in on a deal that will put the media company in business with the New York Yankees, The New York Times’ Media Decoder reports. The company is set to buy a stake in the New York-based cable channel YES Network, which broadcasts Yankees MLB games and Brooklyn Nets NBA games.
A deal could be completed as soon as Friday, according to the piece. YES, partly owned by the Yankees, would add to News Corp.’s large holdings of regional sports assets and fits into its strategy of growing its sports TV business, the article points out.
News Corp. would buy its stake from the Yankees’ equity partners in YES, which include Providence Equity Partners and Goldman Sachs, with the team’s holding company keeping its 34% stake.
The price hasn’t been disclosed, but YES is valued at about $3 billion. James Murdoch, the son of News Corp. Chairman Rupert Murdoch, sits on the board of the team’s holding company, Yankees Global Enterprises.