The New York Yankees will repurchase the Yankees Entertainment and Sports Network from Walt Disney (DIS) - Get Report for $3.4 billion, according to a Fox Business report.

The deal is expected to close Friday, the report said.

The Yankees are leading the group of investors, which includes  (AMZN) - Get Report , Sinclair Broadcasting (SBGI) - Get Report  and Blackstone (BX) - Get Report  , to buy the YES Network.

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) - Get Report 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. 

Amazon and Disney is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells AMZN or DIS? Learn more now.

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