21st Century Fox to Acquire Majority Stake in Yankees Cable Network
UPDATED: The media giant will now own 80 percent of YES, buying out Goldman Sachs and NJ Holdings, leaving the remainder to Yankee Global Enterprises.
YES Network will soon be officially under the 21st Century Fox umbrella. The sports network focused on New York Yankees baseball will soon see Fox acquire a 80 percent stake.
This leaves 20 percent to Yankee Global Enterprises, which previously owned 25 percent, and takes Goldman Sachs and NJ Holdings out of the operation. 21st Century Fox noted in the announcement of the majority stake that network president and CEO Tracy Dolgin will stay on.
“Our investment in the YES Network underscores our commitment to growing our global sports portfolio with offerings that are exceptional and unique,” said 21st Century Fox deputy CEO James Murdoch. “We look forward to expanding our partnership with Yankee Global Enterprises and to working with the network’s management team to build on the YES Network’s success.”
21st Century Fox first acquired a 49 percent stake in YES back in 2012, when it was still News Corp. YES will now be a consolidated entity of 21st Century Fox and joins its expanding sports portfolio.
“Clearly, 21st Century Fox is a great partner for us as the YES Network fulfills and expands its potential as one of the nation’s premier regional sports networks. We are gratified that 21st Century Fox has increased their stake and investment in the network. Yankee Global Enterprises is eager to continue working with 21st Century Fox as we explore ways to take YES to even greater heights.”
Launching Fox Sports 1 in 2013, Fox now has 22 owned-and-operated U.S. regional sports networks. YES, nearly 13 years old, has continued to grow outside of the New York metro area's 9 million households.