|Walt Disney Sells Stake In YES Network For $3.47 Bln|
August 29, 2019
(RTTNews) - Entertainment conglomerate Walt Disney Company (DIS) Thursday announced it has sold its stake in the YES Network to a newly formed investor group that includes Amazon.com (AMZN).
The investor group, which also includes Yankee Global Enterprises and Sinclair Broadcast Group, acquired the 80 percent of the YES Network not already held by the Yankees at a total enterprise value of $3.47 billion.
The transaction received the approval of the U.S. Department of Justice.
The YES Network broadcasts games for the Yankees, Brooklyn Nets, Major League Soccer's New York City FC, and the WNBA's New York Liberty.
Last year, Disney had agreed with the justice department that it will sell 21st Century Fox's interests in 22 regional sports networks, including the YES Network, in order to gain approval to acquire Fox.
Last week, Sinclair completed its acquisition of 21 of the regional sports network from Disney, excluding the YES Network.
A press release by the investor group says the Yankees, Sinclair and Amazon will make up a "new strategic partnership." YES Network President Jon Litner will remain in his current role.