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Disney has completed the sale of its 80 per cent stake in the YES Network for US$3.47 billion to an investor group formed of the New York Yankees Major League Baseball (MLB) franchise, Sinclair Broadcast Group, and technology giant Amazon.
The US media conglomerate acquired a majority stake in the network as part of its US$71.3 billion purchase of Fox assets in 2017, though had to divest the property in line with an order made by the US Department of Justice (DOJ) last summer, along with 21 other regional sports networks also purchased by Sinclair for US$10.6 billion.
The YES Network, for which the Yankees already own a 20 per cent share, broadcasts games their games and also those of the Brooklyn Nets National Basketball Association (NBA) franchise. The three-party deal sees Yankee Global Enterprises, the owner of the MLB franchise, contribute its production and marketing expertise to the partnership.
The partnership received equity investments from three leading financial investors, including RedBird Capital, funds managed by Blackstone’s Tactical Opportunities business, and Mubadala Capital.
An announcement made by all parties on 29th August confirmed the transaction, which brings an end to a year of negotiations between Disney and prospective buyers for the 22 Fox RSNs. The networks were originally valued in the region of US$20 billion, though have been sold for just over US$14 billion.
For Sinclair, the deal adds to its portfolio or regional sports rights while Amazon continues its push into sports broadcasting. The internet giant holds global streaming rights for the National Football League’s (NFL) Thursday night games, as well as a host of tennis rights and a small package of Premier League soccer games in the UK.
Hal Steinbrenner, chief executive of Yankee Global Enterprises, said: “This transaction brings the YES Network and all of its popular programming even closer to the organization that inspired its very development. Along with our partners, we look forward to greatly expanding the way that sports content is delivered and consumed by fans everywhere.”
Randy Levine, president, New York Yankees, added: “Throughout its nearly two-decades on-air, the YES Network has set the gold standard for regional sports coverage. We look forward to working with our strategic partners and our investors to expand the network in innovative and exciting ways.”
Disney has completed the sale of its 80 per cent stake in the YES Network for US$3.47 billion to an investor group formed of the New York Yankees Major League Baseball (MLB) franchise, Sinclair Broadcast Group, and technology giant Amazon.
The US media conglomerate acquired a majority stake in the network as part of its US$71.3 billion purchase of Fox assets in 2017, though had to divest the property in line with an order made by the US Department of Justice (DOJ) last summer, along with 21 other regional sports networks also purchased by Sinclair for US$10.6 billion.
The YES Network, for which the Yankees already own a 20 per cent share, broadcasts games their games and also those of the Brooklyn Nets National Basketball Association (NBA) franchise. The three-party deal sees Yankee Global Enterprises, the owner of the MLB franchise, will contribute its production and marketing expertise to the partnership.
The partnership received equity investments from three leading financial investors, including RedBird Capital, funds managed by Blackstone’s Tactical Opportunities business, and Mubadala Capital.
An announcement made by all parties on 29th August confirmed the transaction, which brings an end to a year of negotiations between Disney and prospective buyers for the 22 Fox RSNs. The networks were originally valued in the region of US$20 billion, though have been sold for just over US$14 billion.
For Sinclair, the deal adds to its portfolio or regional sports rights while Amazon continues its push into sports broadcasting. The internet giant holds global streaming rights for the National Football League’s (NFL) Thursday night games, as well as a host of tennis rights and a small package of Premier League soccer games in the UK.
Hal Steinbrenner, chief executive of Yankee Global Enterprises, said: “This transaction brings the YES Network and all of its popular programming even closer to the organization that inspired its very development. Along with our partners, we look forward to greatly expanding the way that sports content is delivered and consumed by fans everywhere.”
Randy Levine, president, New York Yankees, added: “Throughout its nearly two-decades on-air, the YES Network has set the gold standard for regional sports coverage. We look forward to working with our strategic partners and our investors to expand the network in innovative and exciting ways.”
