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Fox taking majority control of YES Network

Posted by: Chad Jennings - Posted in Misc on Jan 25, 2014 Print This Post Print This Post | Email This Post Email This Post

Here’s the AP with the details…

NEW YORK (AP) — 21st Century Fox is taking over majority control of the YES Network from the New York Yankees’ parent company.

Fox said Friday it will raise its ownership stake from 49 percent to 80 percent in a deal it said it expects to close by the end of March.

Yankee Global Enterprises reduced its stake in the network from 26 percent to 20 percent, which will become a consolidated entity of 21st Century Fox.

News Corp., which has since split off its television businesses to Fox, announced in November 2012 that it was acquiring a 49 percent stake in YES. Yankee Global Enterprises, Goldman Sachs and other investors reduced their ownership as part of the transaction, and at the time the parties said Fox could raise its stake to 80 percent after three years.

Following the successful split of News Corp. into two corporations, the sides decided to accelerate the timetable.

Fox said YES President and Chief Executive Officer Tracy Dolgin, will stay on as the leader of the regional sports network.

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62 Responses to “Fox taking majority control of YES Network”

  1. mick January 25th, 2014 at 5:10 pm

    Will Hannity or O’Reilly sit in the booth?

  2. talltenor January 25th, 2014 at 5:12 pm

    Crap. I hate Fox.

  3. j9d January 25th, 2014 at 5:16 pm

    It’s not Faux news, thankfully. I know people who work for Fox TV and they all bend over backwards to distance the tv network from faux news.

  4. bbb51 January 25th, 2014 at 5:21 pm

    Bernie was not under offered. As much as I love the guy (see my handle), his last two years were mediocre. He was going into his age 38 season.

    The insulting offer myth is just perpetuated here by those who like to find any reason they possibly can to criticize the front office, even if it’s lacking in truth and logic.

  5. WaltDropo January 25th, 2014 at 5:24 pm

    Better Fox than MSNBC…

    And it’s a nice vote of confidence in the business model.

  6. Against All Odds January 25th, 2014 at 5:26 pm

    That does not equate to them being “bullied” into anything this season! Which was my point.

    ———————-

    I don’t think they were bullied in a literal sense or even figurative one but this season they gave the players what they wanted.

  7. bbb51 January 25th, 2014 at 5:29 pm

    In free agency there are not always good alternatives, so you have to pay to get the guys you want, and the Yankees definitely needed to add several players if they wanted to compete.

    Hopefully our farm system will start to produce a little more soon.

  8. trisha - true pinstriped blue January 25th, 2014 at 5:33 pm

    “I don’t think they were bullied in a literal sense or even figurative one but this season they gave the players what they wanted.”

    Against – maybe what those players wanted didn’t come close to straining their credibility, whereas 10 years, etc. …

    Just a thought.

  9. Against All Odds January 25th, 2014 at 5:34 pm

    trisha – true pinstriped blue January 25th, 2014 at 5:33 pm
    “I don’t think they were bullied in a literal sense or even figurative one but this season they gave the players what they wanted.”

    Against – maybe what those players wanted didn’t come close to straining their credibility, whereas 10 years, etc. …

    Just a thought.

    ———————

    Maybe not but how do the fans of the teams losing those players feel??

  10. trisha - true pinstriped blue January 25th, 2014 at 5:41 pm

    OT – Sorry to keep quoting my father, though I think this is likely well-proven maxim. You lose body heat through your head and your feet. (That was his way of telling us to always wear a hat and keep our feet warm when it was cold or wet outside.)

    The day after our snow storm, I thought I’d check the driveway to see if I could shovel it out since the snow was supposedly light. So I threw a jacket on over my short nightgown (the positives of living at the end of a dead end street…), threw on a pair of light-weight shoes, and headed out of the garage with a snow shovel to see if it would work. No gloves, no hats, no socks – but biting cold. Well, it seemed to work so well that instead of going in and dressing up and going back out, I stayed out there and shoveled out the entire driveway, which is rather long and wide. (2-car garage). By the time I got in, my fingers were like ice. They were in actual pain when I put them under warm water.

    I now have a sore throat, headache, earaches, my head is stuffed up, and I feel exhausted. I had so many things I wanted to do out of the house today but just couldn’t summon up the energy.

    The beginning of a rotten head cold and it could have been totally avoided if I had just dressed properly!

  11. tomingeorgia January 25th, 2014 at 5:44 pm

    Please, bring on men on the field playing baseball in the sunshine. I can/t handle much more of this. Let’s go, Yanks, however constituted!

  12. trisha - true pinstriped blue January 25th, 2014 at 5:45 pm

    “Maybe not but how do the fans of the teams losing those players feel??”

    Not sure, but I think a lot of them feel the way I do, and it’s something that took me a while to get to. It’s all a business.

  13. trisha - true pinstriped blue January 25th, 2014 at 5:46 pm

    I guess I’ll try to push myself to do at least one errand.

    Later y’all.

    :)

    GO YANKEES!

  14. Against All Odds January 25th, 2014 at 5:47 pm

    I can’t believe you only went out in a jacket, night gown, and shoes

  15. Against All Odds January 25th, 2014 at 5:48 pm

    It’s all a business.

    —————

    It definitely we are reminded every when trades and free agency occurs.

  16. trisha - true pinstriped blue January 25th, 2014 at 5:49 pm

    Against – I was thinking I was just testing out the snow. But once I was there I didn’t see the point in taking the time to get dressed up. Stupid for sure.

  17. Against All Odds January 25th, 2014 at 5:52 pm

    It was a daring test that’s for sure.

    Get well soon

  18. trisha - true pinstriped blue January 25th, 2014 at 5:56 pm

    Thank you my friend.

    :)

    (if there is an edge on an envelope to be pushed, I always feel the need to do it)

  19. austinmac January 25th, 2014 at 5:58 pm

    Tom,

    “Let’s go however constituted” is a good sentiment but probably not a good bumper sticker.

  20. PittsburghYankeeFan January 25th, 2014 at 6:00 pm

    The most important issue in this is how much money did they get? Likely a few billion…

  21. Against All Odds January 25th, 2014 at 6:05 pm

    You’re welcome :)

    That wasn’t pushing the envelope…that was being Evel Knievel. You didn’t push the thing…you burned it :) lol Especially with the flu that’s going around it was a risk.

  22. tomingeorgia January 25th, 2014 at 6:11 pm

    austin,
    Hell, I’m a fan! I don’t manage, scout, or do anything that matters to them. I just root for them. I don’t follow the stats of Cuban emigres, or the DUIs accrued in Tampa. I just want them to win. I’ll shorten my bumper sticker to read, “Let’s Go Yanks!”. OK?

  23. tucker January 25th, 2014 at 6:17 pm

    Somebody from Fangraphs estimated the payoff could be $150 million or more each year. Of course, hey probably have to accommodate requests from the now-retired McCarver and his ex-partner, Mr. Buck.

  24. j9d January 25th, 2014 at 6:45 pm

    Makes sense for Yankees who are not in the business of running networks and liely have no interest in doing so. They probably retained enough control and corporate governance to have a decent say in direction.

  25. pete2 January 25th, 2014 at 6:50 pm

    We know they got 400+ million at the end of 2012 in return for extending their rights until 2042. The agreement on rights then was 85 million with a 5% per year escalator. I thought that was pretty low but then they will probably make 40 million a year in profits even at 20% ownership given Yes’s estimated 350 million revenues and 60% profit margin.

    Selling 14% of Yes is probably another 550 million based on a market value of 3.8 billion That’s almost 1 billion in cash plus the rights fee and profits that are about 125 million a year.

    Wendy Thurn is also saying the agreement has the Yankees getting more for their rights with Fox owning 80% than 49%. This would make sense. She admits to guessing on the 150 million per year which is about what the Dodgers will get in year 1 of their deal, albeit after revenue sharing. Definitely would like to hear more on that.

    Seems like there is plenty of money for Drew and Rodney. Spend it.

  26. vrsce January 25th, 2014 at 6:53 pm

    The next logical step, is ownership in the team by Fox.

  27. j9d January 25th, 2014 at 6:54 pm

    Nah never. Yankees want to focus on their core strength, running a baseball team. Very sound business strategy.

  28. j9d January 25th, 2014 at 6:56 pm

    And agree with pete2

  29. vrsce January 25th, 2014 at 6:59 pm

    j9d January 25th, 2014 at 6:54 pm
    Nah never. Yankees want to focus on their core strength, running a baseball team. Very sound business strategy.
    ———————
    Really?Never? That is a tad naive.

  30. Jerkface January 25th, 2014 at 7:02 pm

    Yankees want to focus on their core strength, running a baseball team. Very sound business strategy.

    ??? They only reduced their stake by 6%. I would say Goldman Sachs wanted to get out of the TV game more than the Yankees wanted to focus on a core strength. They never had majority control anyways.

  31. j9d January 25th, 2014 at 7:02 pm

    I will bet you everything I have on never. You in for same?

  32. Jerkface January 25th, 2014 at 7:02 pm

    And I don’t think this means FOX would buy the team. I don’t really follow that. Owning a popular TV channel makes sense because FOX wanted more RSNs. Owning a baseball team makes less sense.

  33. j9d January 25th, 2014 at 7:05 pm

    JF

    You know I love your commentary and agree with you much more often than not, but the Yankees sold their majority ownership to 21st century fox. They sold an additional 31%.

  34. pete2 January 25th, 2014 at 7:09 pm

    Yankees owned 34% when the deal was made in 2012, and are down to 20% now. Never had a majority interest in Yes.

  35. vrsce January 25th, 2014 at 7:10 pm

    j9d January 25th, 2014 at 7:02 pm
    I will bet you everything I have on never. You in for same?
    —————-
    A fool’s bet, as neither you nor I have inside information. Such a rash suggestion merely confirms your position is irrational and impulse driven.

  36. cheddar January 25th, 2014 at 7:10 pm

    I’m really interested in how this will play out with the Red Sox and Drew. They clearly were willing to pay him $14M for this year by making the qualifying offer, so I don’t know how much lower they can go without insulting him. I understand that he gambled and lost, but if I worked for a wealthy employer who valued me at X dollars a year but was now going to pay me X minus 20% or 30% simply because he could, I wouldn’t be the happiest employee.

    I’d like to see us make him an offer of 2/$20M and tell him we need an answer within 24 hours because we have other options we’re exploring. Considering their infield depth, I don’t think the Red Sox would go 2 years, and I’m not sure any 1 year offer they made would offer him sufficient security compared to ours.

  37. j9d January 25th, 2014 at 7:13 pm

    vrsce — I guess that means you are not in. Fox TV buying the Yankees???! Holy smokes.

  38. j9d January 25th, 2014 at 7:17 pm

    Cheddar. I think they should get Drew if they can do it for something like that. Blake has had some convincing commentary on this subject. He has convinced me we should get Drew if moderately reasonable.

  39. vrsce January 25th, 2014 at 7:20 pm

    j9d January 25th, 2014 at 7:13 pm
    vrsce — I guess that means you are not in. Fox TV buying the Yankees???! Holy smokes.
    ———–
    Consider this, if I took your bet, you could never win, as only by the Yankees “never” selling could you collect. Define never. I ,on the other hand would win, in the event the Yankees ever sold. It is impossible for you to win, Ican possibly win, unlikely or not.

    I advise you to refrain from gambling and rash statements.

  40. cheddar January 25th, 2014 at 7:26 pm

    j9d – I’m not all that sold on the guy, but considering the shaky state of our infield health-wise, I think it would be a good move for stability at this point.

    I’m more upbeat than most on Jeter prospects for this year if he’s playing, but I think that’s a huge if. I’m really afraid that his body won’t be able to keep up with the way his mind knows how to play. If he got hurt for a long stretch again, we could be in deep poop having to count on Johnson, Ryan, and Roberts.

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