Mandatory Credit: Joe Camporeale-USA TODAY Sports

BREAKING NEWS: Fox Buys Majority Stake In YES Network

21st Century Fox has announced that they have an agreement in place to purchase a majority stake in the Yankees Entertainment and Sports Network, better known as the YES Network. The purchase increases the company’s ownership from 49-percent to 80-percent, with the remaining 20-percent stake being retained by Yankee Global Enterprises. The move makes the YES Network a fully consolidated 21st Century Fox entity.

Following the announcement of the purchase plan, Fox announced that CEO Tracy Dolgrin will remain in the same role with the YES Network. Before the purchase can become finalized, the sale must meet regulatory approvals. Once approved, the purchase should be finalized by the end of the first calender quarter. The network has been owned in majority, by Yankee Global Enterprises, a New York Yankees company since it’s inception in 2002. While nothing has been announced, the YES Network could be re-branded after the takeover into Fox Sports New York, or some variation of the Fox moniker.

Tags: 21st Century Fox Breaking News New York Yankees YES Network

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