Yankees on brink of completing $3.5bn YES Network takeover

In a deal that represents the first domino to fall in the sale of the Fox regional sports networks, the New York Yankees are on the brink of completing a $3.5bn (€3.1bn) takeover of the YES Network, according to multiple reports.

An announcement is expected as early as today (Friday).

Under the terms of the deal, the Yankees will be the majority owner of the RSN, which airs Yankees games as well as those of the Brooklyn Nets and New York City FC.

The Major League Baseball team reportedly is partnering with Amazon and Sinclair Broadcast Group, while investors include RedBird Capital, Blackstone, Mubadala, Ontario Teachers’ Pension Plan and Michael Dell fund.

The Yankees had a 20-per-cent stake in YES and have opted to buy back the network following Disney’s $71.3bn (€63bn) purchase of Fox’s entertainment assets, which is scheduled to close over the next month.

Bidders for the remaining 21 RSNS include MLB, Sinclair, Liberty Media and an investment group led by hip-hop star Ice Cube.

The Chicago Cubs are also launching their own RSN in partnership with Sinclair.