Disney has finalized its sale of the YES Network, which will be repurchased by Yankee Global Enterprises, the parent company of the New York Yankees.
The deal is for the remaining 80% stake that the Yankees didn’t already own, and is valued at $3.47 billion. Amazon is a partner in the transaction, along with Sinclair Broadcast Group. On Aug. 23, Sinclair closed a separate deal with Disney for the remaining 21 Fox regional sports networks that Disney was required to sell as part of its acquisition of 21st Century Fox’s film and TV assets.
The Yankees will be the majority shareholder with a 26% stake, while Sinclair will own 20%. Amazon has a 15% stake with the option to increase that in the coming years. Additional equity investments were provided by RedBird Capital, funds managed by Blackstone’s Tactical Opportunities business, and Mubadala Capital.
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www.thewrap.com]
