YES Network Sale To News Corp Saves Murdoch And Steinbrenner A Fortune In Fees
by Mike Ozanian 11/12/2012 Forbes Money
The $3.4 billion sale of a minority stake in the YES Network to News Corp. was done without investment bankers, thereby saving between $50 million and $100 million in fees ...
The Yankees, the most valuable team in baseball, are worth $1.85 billion
21st Century Fox Acquires Majority Control of YES Network
Ups its stake from 49% to 80% of New York RSN
By Tim Baysinger 1/24/2014
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...
James Murdoch, deputy COO, 21st Century Fox. “We look forward to expanding our partnership with Yankee Global Enterprises ...
21st Century Fox takes majority control of YES Network
By Mark Townsend January 25, 2014 Yahoo Sports
Fox originally acquired 49 percent of the YES Network in December 2012, reportedly paying $584 million for that stake. A clause in the contract opened a three-year window for Fox to increase their stake to 80 percent, which is what Fox exercised this week...
As for what it means to the Yankees baseball operations.
Yankees only sold 5% of their previous stake in@YESNetwork. They never owned majority. Fox just bought out others, including Goldman Sachs.— Neil Best (@sportswatch) January 24, 2014
And of course, more money will ultimately go back into the team as a result of the agreement.
______________________Also in that agreement: formula for how much Yankees receive as an annual rights fee as Fox ownership increased. My guess NYY now > $150M/yr— Wendy Thurm (@hangingsliders) January 24, 2014
More money back into the team? Really? How could we tell?