21st Century Fox to take majority control of YES
NEW YORK (AP) 21st Century Fox is taking over majority control of the YES Network from the New York Yankees' parent company.
Fox said Friday it will raise its ownership stake from 49 percent to 80 percent in a deal it said it expects to close by the end of March.
Yankee Global Enterprises reduced its stake in the network from 26 percent to 20 percent, which will become a consolidated entity of 21st Century Fox.
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.
Fox said YES President and Chief Executive Officer Tracy Dolgin, will stay on as the leader of the regional sports network.