21st Century Fox Closes Deal To Raise Its Stake In YES Network To 80 Percent
21st Century Fox (NASDAQ: FOX, FOXA; ASX: FOX, FOXLV) today announced it
has completed the acquisition of a majority stake in the Yankees
Entertainment and Sports Network (YES Network) pursuant to an agreement
21st Century Fox (NASDAQ: FOX, FOXA; ASX: FOX, FOXLV) today announced it has completed the acquisition of a majority stake in the Yankees Entertainment and Sports Network (YES Network) pursuant to an agreement announced on January 24, 2014. The transaction raises 21st Century Fox’s ownership position in the regional sports network to 80 percent from the 49 percent it acquired in 2012. The remaining 20 percent continues to be held by Yankee Global Enterprises. The YES Network delivers exclusive live local television coverage of New York Yankees baseball and Brooklyn Nets basketball, as well as other leading local and national sports-related programming. As a result of the acquisition, the YES Network is now a consolidated entity of 21st Century Fox. President and Chief Executive Officer Tracy Dolgin remains in his role leading the network. Since its inception in 2002, the YES Network has grown its footprint to include local availability in New York, Connecticut, New Jersey, and parts of Pennsylvania, as well as national availability on several cable, telco and satellite television distributors. The network currently showcases live Yankees and Nets games to approximately 9 million households in the teams’ television territory in the New York area. Outside of the New York area, the YES Network also distributes a variety of national programming to millions of homes across the country. Fox Sports Media Group is the nation’s leader in local regional sports programming, operating a leading array of 22 owned-and-operated U.S. regional sports networks, which collectively produce over 5,000 live local events each year and serve as the local TV homes to more than half of all MLB, NHL, and NBA teams. About 21st Century Fox 21st Century Fox is the world's premier portfolio of cable, broadcast, film, pay TV and satellite assets spanning six continents across the globe. Reaching nearly 1.5 billion subscribers in more than 100 local languages every day, 21st Century Fox is home to a global portfolio of cable and broadcasting networks and properties, including FOX, FX, FXX, FXM, FS1, Fox News Channel, Fox Business Network, Fox Sports, Fox Sports Network, National Geographic Channels, MundoFox, STAR, 28 local television stations in the U.S. and more than 300 channels that comprise Fox International Channels; film studio Twentieth Century Fox Film; and television production studios Twentieth Century Fox Television and Shine Group. The Company also provides premium content to millions of subscribers through its pay-television services in Europe and Asia, including Sky Deutschland, Sky Italia and its equity interests in BSkyB and Tata Sky. For more information about 21st Century Fox, please visit www.21CF.com.