News Corp. Eyes Stake in Sports Channel YES Network

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Rupert Murdoch's News Corp. is finalizing a deal to acquire a stake in the YES Network sports channel, a source confirmed a report by the New York Times.

The investment in the New York-based regional cable network, which airs New York Yankees baseball and Nets basketball games, among other regional sports, would further strengthen News Corp.'s sports network portfolio.

Murdoch’s son and News Corp. deputy COO James Murdoch sits on the board of the Yankees' holding company, Yankees Global Enterprises. Since moving from London to the conglomerate's headquarters in New York, he has particularly focused on the company's TV businesses.

A deal, financial and other details of which weren't immediately clear, could be announced as early as the end of this week.

However, the Yankees' holding company is expected to maintain its 34 percent stake in YES, meaning News Corp. would buy its stake from some of the network company's financial investors. They include Goldman Sachs and Providence Equity Partners and have in the past been rumored to be willing to cash out for the right price.

News Corp. representatives weren't available for comment.