News Corp. to Buy 49% of Yes Network

News Corporation

and Yankee Global Enterprises today announced an agreement that calls for News Corporation to acquire a 49 percent equity stake in the Yankees Entertainment and Sports Network (YES). The YES Network delivers exclusive live local television coverage of New York Yankees baseball and Brooklyn Nets basketball, as well as other leading local and national sports-related programming. The YES Network also announced a media rights agreement that will keep Yankees baseball on the YES Network through 2042. The media rights agreement is subject to Major League Baseball approval. The investment is expected to close by the end of the calendar year.