logo
  Join        Login             Stock Quote

News Corp. (NWSA) Acquires Equity Stake In Yankees' Yes Network

 November 20, 2012 12:58 PM
 


(By Balachander) News Corp. (NASDAQ: NWSA), which owns Fox, has agreed to acquire a 49 percent equity stake in the Yankees Entertainment and Sports Network (YES).

Financial terms of the deal were not disclosed.

Under the terms of the agreement, current owners Yankee Global Enterprises, Goldman Sachs (GS) and other investors will reduce their ownership in connection with the deal.

News Corp. may acquire an additional stake after three years in the YES Network that could bring its ownership to 80 percent. Yankee Global Enterprises would retain a significant minority stake in the network.

[Related -Gold hasn’t lost its allure in my portfolio]

In addition, the YES Network announced a media rights agreement that will keep Yankees baseball on the YES Network through 2042.

The YES Network delivers exclusive live local television coverage of New York Yankees baseball and Brooklyn Nets basketball, as well as other leading local and national sports-related programming.

The network showcases live Yankees and Nets games to roughly 9 million households in the teams' television territory in the New York area.

"The Steinbrenner 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," commented Hal Steinbrenner, chairman of Yankee Global Enterprises.

As of September 30, 2012, News Corp. had total assets of around $60 billion and total annual revenue of about $34 billion. 

[Related -Should You Buy HP's Stellar Rebound?]

On Tuesday, NWS shares inched up 0.33 percent to trade at $24.53. NWSA shares added 0.21 percent.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageWinter is Coming! Here's My Favorite Seasonal Trade

Over the years, I've been successful trading weather patterns as they relate to commodities such as crude read on...

article imageHow To Avoid 5 Common Investing Mistakes

When it comes to successful investing, the field of behavioral finance has shown that sometimes the worst read on...

article imageSector Detector: Bulls Go Down Swinging, Refusing To Give Up Much Ground

Although the stock market displayed weakness last week as I suggested it would, bulls aren’t going down read on...

article imageThe Bumpy Road Ahead To Policy Normalization

When the dust clears from tomorrow’s Fed announcement, the crowd’s expecting that the slow but persistent read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

Melt Up Or Melt Down?
More Articles on: Finance , Consumer Staples



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.