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[MLB] Rupert Murdoch buying Yankees TV Network "YES"
Rupert and his News Corp are buying the largest stake in the Yankee's YES TV network, with plans to take control in the next 3 yrs.
Looks like the Steinbrenner family is taking some nice profits here by selling out to Fox. And the Yankees will see ever increasing income from the YES TV network to continue to fuel their high spending ways in acquiring talent.
News Corp. is acquiring a 49 percent stake in the YES Network, a deal that gives the New York Yankees' owners hundreds of millions of dollars and values the channel at $3 billion.
News Corp., which owns Fox, may acquire an additional stake in the YES Network after three years that could bring its ownership to 80 percent.
YES's fee to the Yankees, which was $85 million this year, was due to compound at 4 percent annually under the options in the old contract. Under the new deal, the rate will increase gradually to 7 percent in the final years of the rights agreement, and YES's annual payment to the team will rise to about $300 million by 2042.
YES currently is owned by the Yankees, Goldman Sachs, Providence Equity and NJ Holdings, the company controlled by former Nets owners Louis Katz and Ray Chambers. By closing the deal this year, they would avoid any possible increase in capital gains taxes in 2013.
Fox Sports Media Group already owns 20 U.S. regional sports networks.
A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves money from the public treasury.
The Dv8orJust call me Dong Suck Oh, M.D.Premium
Re: [MLB] Rupert Murdoch buying Yankees TV Network "YES&quo
The Yankees are actually working on decreasing payroll.
|reply to FFH |
Meet the new boss, same as the old boss, and equally despicable.