21st Century Fox Acquires Majority Control of YES NetworkUps its stake from 49% to 80% of New York RSN 1/24/2014 06:01:00 PM Eastern
21st Century Fox said Friday that it has upped its stake in the YES Network from 49% to 80%, giving it majority control of the New York regional sports network.
Yankee Global Enterprises will hold the remaining 20% stake. As a result of the acquisition, the YES Network will become a consolidated entity of 21st Century Fox.
As part of the 2012 deal that saw News Corp. (before it spun off 21st Century Fox) acquire the 49% stake in YES Network, there was a stipulation where 21st Century could up its stake to as high as 80% after three years.
Tracy Dolgin will remain as president and CEO of YES Network.
“Our investment in the YES Network underscores our commitment to growing our global sports portfolio with offerings that are exceptional and unique,” said James Murdoch, deputy COO, 21st Century Fox. “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.”
The YES Network is the TV home of the New York Yankees and Brooklyn Nets. YES boasts roughly 9 million subscribers regionally and an additional 15 million nationally.
(Photo Credit: Nathaniel S. Butler/Getty Images)