Early last week, an agreement was reached allowing News Corp. to purchase 49% — potentially as much as 80% down the road — of the YES Network from investors like Goldman Sachs and Providence Equity. The deal is expected to be finalized by the end of the calendar year. Here’s some more on the transaction, courtesy of Richard Sandomir…
- The Yankees will retain control of all Yankees-related content on the network. The announcers will continue to be biased — “We tell our people if you want to be bipartisan and fair, don’t work for YES,” said team president Randy Levine to Sandomir — and long-running features like Yankeeography and Yankees Classics aren’t going anywhere.
- FOX, which is owned by News Corp., will bring some programming to the network however. It doesn’t sound like a SportsCenter-esque, nightly sports news show is in the cards though.
- The Yankees will receive $420M from News Corp. to keep the team on YES through 2042. They’re getting half of that now and the other half in three years. Just think, they’re trimming payroll in less than 16 months.
- Just as we heard the other day, Sandomir says the Steinbrenners are unlikely to sell the team in the wake of the agreement. The team continues to make a fortune and, perhaps more importantly, the family would get slapped with a massive tax bill should they sell.