This from Newsday:
News Corp., which owns Fox Sports, announced Tuesday it will purchase 49 percent of the YES Network, with perhaps more to come.
The deal will provide a cash windfall for the Yankees and ensure them another three decades of lucrative local television rights fees.
But despite speculation that the move could be the first step in an eventual sale of the Yankees, the team has denied that.
Hal Steinbrenner, chairman of Yankee Global Enterprises, said in a news release 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 biggest chunk of News Corp.’s new stake — which will cost an estimated $1.5 billion — is expected to come from portions owned by Goldman Sachs and Providence Equity Partners, which total about 40 percent. Goldman has been shopping its stake for several years.
But about 9 percent of the purchase will come from the Yankees and former owners of the Nets.
At $3 billion, YES’ value is higher than the estimated value of the Yankees themselves, much as SNY is assumed to be worth far more than the Mets.
News Corp. will have the ability to buy up to 80 percent of YES after three years, but even if it does the Yankees plan to retain a “significant minority share,” according to the release.
The agreement extends YES’ rights to Yankees games through 2042, at ever-escalating levels.
As part of the extension, the Yankees will receive some of that money in advance, for a total of about $300 million now and $200 million in three years.
It remains to be seen what impact, if any, the cash influx will have on the Yankees’ baseball strategy.
There likely was urgency to complete the deal by year’s end, as many companies anticipate higher tax rates for 2013.
Part of News Corp.’s motivation was to extend the reach of its Fox regional sports network to New York. The company also owns 49 percent of the Big Ten Network; with Rutgers announcing Tuesday that it will join that conference, Fox can bundle those channels and others to drive hard bargains with New York-area cable and satellite distributors as current carriage agreements expire.
James Murdoch, News Corp.’s deputy chief operating officer, referenced “strategically re-entering the New York market.”
YES, which launched in 2002, annually is the most-watched local sports channel in the nation.
CBS Years, anyone?
AND the sentence (or part of) – “The Yankees always finish first so they don’t get to pick from the cream of the crop at the draft” – doesn’t hold water for me anymore. Don Mattingly was drafted in the 19th round because of good scouting which is something t the Yankees have sadly missed during CashASS’s tenure as GM
I Don’t know, but watching the way Cashass is doing nothing and the Steinasses so worried about there lack of wanting to do anything to help this team. Just my thought, but I think the N.Y. Yankees will have a 4- Sale on them in the next few years
It seems no one cares about this team, except the fans and they will lose interest the way the Steinasses and Cashass are going, DAMN SHAME
Fucking great.Youkapiss signs with the Yanks.Fuck me Gashman
What’s Babe – Varicunt behind the plate with that “C” for cocksucker stamped on his jersey?
meant to say – What’s next Babe :)
Goddamnit Canada,.they better not but it wouldn’t surprise me.They just signed Itchyballs for one year
I think I am gonna fuckin PUKE!
I guess Cashass next deal will be to change the name N.Y. Yankees to N.Y. Misfits
or the New York Geriatrics – How old is this fuckin team now?? I think it’s time to sell this team
hahahaha Hey JRZ how you been man? I don’t have a good feeling about next season and worse for the austerity facing us in 2014
You guys had to root for Alex Rodriguez, and now you’re going to have to root for Kevin Youkilis.
Let’s make one thing perfectly clear Shoe – I DID NOT ROOT FOR A-DICK !!!!!!!!!!!!!!!!!!!!!!!!!! EVER !!!!!!!!!!!!!!!!!!!!!!!
.
As far as YoukaPISS is concerned I don’t mind his lunch bucket approach to the game and the fact that he gets dirt on his uniform but man the man makes me SICK with all that sweat pouing off his head
Fuck AssRod and Fuck Youkapiss.I’ll be watching the Pirates this year.Oh yea and while you’re at it FUCK CASHASS!!!!!!!!!
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