8:30 AM, Aug 30, 2019 — Yankee Global Enterprises, a leading sports brand, has agreed to jointly purchase the 80% stake it does not already own in Walt Disney’s (DIS) YES Network — a regional sports network in the US — for a total enterprise value of $3.47 billion.
The company, which owns the New York Yankees baseball team, said in a statement late on Thursday that it was making the purchase with partners Sinclair Broadcast Group (SBGI) and Amazon (AMZN), and noted that Jon Litner would remain in his existing role as president of the YES Network.
The new partnership aims to leverage the expertise and market reach of the three companies, enhancing the network and positioning it strategically to continue its leadership in sports broadcasting across all forms of distribution.
Sinclair, which is the owner of 22 RSN brands and the Tennis Channel, as well as the owner, operator, and service provider to 191 television stations, will work with the YES team management to manage traditional and virtual distribution relationships.
“This transaction brings the YES Network and all of its popular programming even closer to the organization that inspired its very development,” said Hal Steinbrenner, chief executive officer, Yankee Global. “We look forward to greatly expanding the way that sports content is delivered and consumed by fans everywhere.”
Yankee Global further pointed out that “additional” equity investments in the stake purchase were provided by its financial partners — the US-based investment firm RedBird Capital, funds managed by Blackstone Group’s (BX) Tactical Opportunities business, and Mubadala Capital, the investment arm of Mubadala Investment Company, one of the world’s biggest sovereign wealth funds based in the United Arab Emirates.
Companies: Walt Disney Company (The)
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