Media conglomerate News Corporation is closing in on a deal to acquire a minority stake in US regional cable-television channel Yes Network, according to the Reuters news agency.
New York-based Yes broadcasts games featuring Major League Baseball franchise the New York Yankees and National Basketball Association team the Brooklyn Nets. Reuters reports the deal could be completed as soon as today.
The deal would see News Corp expand its network of 13 Fox regional sports channels and four other channels to which it is affiliated. News Corp will acquire portions of the stakes held by Goldman Sachs and Providence Equity Partners, which are expected to maintain stakes.
The Wall Street Journal newspaper said the Yankees will retain a 34 per cent stake through parent company Yankees Global Enterprises. Yes is valued at around $3 billion (€2.36 billion).