DAILY FINANCE…On Tuesday, the company’s television subsidiary, the YES Network, announced it was selling 49 percent of its business in a deal that values the network at $3 billion. That’s a lot of scratch for the Yankees and other YES owners. And the numbers get even bigger from here
According to Bloomberg, the Yankees are now signed with the YES Network through 2042 — an incredibly long 30-year television contract. The club got $85 million in fees from YES for the current year, and the sale includes a 5 percent increase annually in that rate for 30 years….
The one paying for all of this is Rupert Murdoch’s News Corp (NWSA), the owner of Fox Sports and a number of other media outlets. Murdoch has spent more than a decade building a sports network with both national and regional reach, and this will be the crown jewel in the franchise…. (more)
