AP News

News Summary: News Corp. acquires stake in Yes


NEWS-YES: News Corporation is was acquiring a 49 percent stake in the Yes Network, the New York Yankees' regional cable sports channel. Yes Network, which also broadcasts Brooklyn Nets games, launched in 2002. It has approximately 9 million subscribers in the New York area among about 15 million nationally.

LONG-TERM PLANS: The Yankees committed to stay on Yes Network through 2042, subject to approval of the deal from Major League Baseball.

SECOND HELPINGS: 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. Yankee Global Enterprises would retain a significant minority stake.


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