Why Rupert Murdoch Bought Out YES Network Two Years Early
When Rupert Murdoch bought 49 percent of the Yankees- and Brooklyn Nets-focused YES Network over a year ago, he pledged to take a majority stake after three years.
On Friday, 21st Century Fox announced a deal to raise its ownership of the Yankees Sports and Entertainment Network to 80 percent from 49 percent, roughly two years ahead of schedule.
“Our investment in the YES Network underscores our commitment to growing our global sports portfolio with offerings that are exceptional and unique,” James Murdoch, deputy chief operating officer/boss’s son at 21st Century Fox, said in a statement.
The deal, pending regulatory approval, is expected to close by the end of the first calendar quarter.
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