News Corporation is acquiring a 49 percent stake in the Yes Network, the New York Yankees' regional cable sports channel.
Yankee Global Enterprises, Goldman Sachs and other investors will reduce their ownership as part of the transaction. Yankees managing partner Hal Steinbrenner says his family "expects to have a continuing, long-term ownership stake in the Yes Network and we will continue our yearly commitment of fielding a championship caliber team for decades to come."
The Yankees also committed to stay on Yes Network through 2042, subject to approval of the deal from Major League Baseball.
News Corporation may acquire an additional stake in the Yes Network that could bring its ownership to 80 percent. Yankee Global Enterprises would retain a significant minority stake.