The remaining percent of Disney's (DIS) YES Network has been sold for a reported $3.4 billion back to the New York Yankees, according to several reports.
Forbes reports that the deal will be formally announced later on Friday, "according to people familiar with the matter." The outlet shares that Amazon is not leading the group buying YES, as noted by earlier reports, stating "the Yankees will be the lead investors after the current deal closes in about 120 days."
The partners with the Yankees are Amazon and Sinclair Broadcast Group. Investors include RedBird Capital, Blackstone, Mubadala Investment Co., Ontario Teachers' Pension Plan and the Michael Dell fund.
The YES Network, which airs Yankees games as well as other New York sports teams, was one of the 22 regional sports networks that Disney acquired through the acquisition of 21st Century Fox. The company was ordered to divest of the networks to approve the merger.
Prior to the purchase, the Yankees owned 20 percent of the network. The sale will move the Yankees' ownership of the network to 30 percent, Forbes reported.
Amazon and Sinclair's interest in the YES network will allow for games to be aired locally as well as streamed in the local markets for now, according to Fox Business sources.
Shares of Disney on Friday closed at $113.81, down 0.18 percent.
This article was first published in IBTimes US. Permission required for reproduction.
