The Walt Disney Co. is selling its stake in the YES Network to an investor group that includes Yankee Global Enterprises, Sinclair Broadcast Group and Amazon.
The deal values YES at $3.47 billion. Disney was required to sell off Fox’s regional sports networks as part of its $71 billion deal to acquire Fox’s entertainment assets. That deal closed in March.
YES Network airs New York Yankee baseball games, Brooklyn Nets basketball games, Major League Soccer’s New York City FC games and others.
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A press release by the investor group says the Yankees, Sinclair and Amazon will make up a “new strategic partnership.” It does not specifically outline Amazon’s role in the partnership, but says the Yankees “will contribute its excellence in developing, producing and marketing sports content that is compelling for fans globally,” and Sinclair “will work with the YES team management to manage traditional and virtual distribution relationships.”
YES Network President Jon Litner will remain in his current role, according to the release.