Media company 21st Century Fox has completed a deal to increase its interest in US regional pay-television sports broadcaster Yes Network to a controlling 80-per-cent stake.
Following an agreement first announced in January, the concluded deal raises 21st Century Fox's ownership position in Yes Network to 80 per cent from the 49 per cent it acquired in November 2012. The remaining 20 per cent continues to be held by MLB baseball club the New York Yankees.
The Yes Network delivers exclusive live local television coverage of Yankees and Brooklyn Nets NBA basketball games, as well as other local and national sports-related programming. The channel is available in New York, Connecticut, New Jersey and parts of Pennsylvania, as well as on a national basis on several cable and satellite television distributors.
At the time of the November 2012 agreement the parties said Fox could raise its stake to 80 per cent after three years. The sides decided to accelerate the timetable following the successful split of media conglomerate News Corporation into two corporations.
As a result of the acquisition, the Yes Network is now a consolidated entity of 21st Century Fox. The Yankees’ stake in the business reduces from 26 to 20 per cent.