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21st Century Fox increases stake in YES Network to 80%
MUMBAI: 21st Century Fox said it has completed the acquisition of a majority stake in Yankees Entertainment and Sports Network (YES Network) pursuant to an agreement announced on 24 January 2014.
The transaction raises 21st Century Fox’s ownership position in the regional sports network to 80 per cent from the 49 per cent it acquired in 2012. The remaining 20 per cent continues to be held by Yankee Global Enterprises.
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.
As a result of the acquisition, YES Network is now a consolidated entity of 21st Century Fox. President and CEO Tracy Dolgin remains in his role leading the network.
Since its inception in 2002, YES Network has expanded its footprints to include local availability in New York, Connecticut, New Jersey and parts of Pennsylvania, as well as national availability on several cable, telco and satellite television distributors.
The network currently showcases live Yankees and Nets games to approximately 9 million households in the teams’ television territory in the New York area. Outside New York, YES Network also distributes a variety of national programming to millions of homes across the United States.
Fox Sports Media Group is the USA’s leader in local regional sports programming, operating a leading array of 22 owned and operated regional sports networks, which collectively produce over 5,000 live local events each year and serve as local TV homes to more than half of all MLB, NHL and NBA teams.