FOX owns 49% equity stake from YES Network
FOX News Corporation recently purchased a 49% equity stake from YES Network. To further explain what that means, here’s the article from LoHud Yankees:
News Corporation has an agreement to acquire a 49 percent equity stake in the YES Network. After three years, News Corporation can acquire a stake that takes it to 80 percent. People, of course, are wondering if these FOX people will try to buy the Yankees from the Steinbrenners down the road.
YES also now has a rights agreement to carry Yankees games through 2042.
Here’s a statement from Hal Steinbrenner:
“This transaction underscores the great value we and our partners created in establishing the YES Network and sets the network on the path for even greater achievements in the future. We are excited to have News Corporation as a partner. Its stature and acumen in sports broadcasting on a global scale is unmatched. We look forward to the many opportunities for growth and development that this investment by News Corporation will bring to YES. The Steinbrenner 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.”