21st Century Fox takes majority control of YES
FEB 28, 2014 5:12p ET
NEW YORK (AP) 21st Century Fox has completed its deal to take majority control of the YES Network from the New York Yankees' parent company.
Fox said Friday it finalized the agreement announced Jan. 24 and raised its ownership stake from 49 percent to 80 percent.
Yankee Global Enterprises reduced its stake in the network from 26 percent to 20 percent.
News Corp., which has since split off its television businesses to Fox, announced in November 2012 that it was acquiring a 49 percent stake in YES. Yankee Global Enterprises, Goldman Sachs and other investors reduced their ownership as part of the transaction, and at the time the parties said Fox could raise its stake to 80 percent after three years.
Following the successful split of News Corp. into two corporations, the sides decided to accelerate the timetable.