The deal is expected to close Friday, the report said.
Under the deal, the Yankees, which currently own 20% of the network, would own the majority of it, with Amazon and Sinclair owning the next largest stakes.
The deal is part of Disney's obligation to sell some of its regional sports network assets to secure approval for the acquisition of Twenty-First Century Fox (FOXA) assets.
Fox purchased 80% of the YES Network from the Yankees in 2014, valuing it at $3.9 billion.
Amazon shares were down 0.73% to $1,614 in premarket trading. Disney was down 0.27% to $113.70.
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