Fox to acquire majority stake in YES Network

Fox to acquire majority stake in YES Network

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NEW YORK (MYFOXNY) -

The Yankees Entertainment and Sports Network is joining the Fox family.

21st Century Fox is set to acquire a majority stake in the network, which airs Yankees baseball games, Brooklyn Nets basketball games, and other sports-related programming.

If the deal gets regulatory approval, Fox will up its stake in YES Network to 80 percent from 49 percent. Yankee Global Enterprises will retain 20 percent ownership.

"Our investment in the YES Network underscores our commitment to growing our global sports portfolio with offerings that are exceptional and unique," James Murdoch, the deputy COO of 21st Century Fox, said in a statement. "We look forward to expanding our partnership with Yankee Global Enterprises and to working with the network's management team to build on the YES Network's success."

21st Century Fox is the parent company of Fox 5/MyFoxNY.com.

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