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The Canadian Press - ONLINE EDITION

21st Century Fox to raise stake in YES Network to 80 per cent, take majority control

NEW YORK, N.Y. - 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 per cent to 80 per cent 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 per cent to 20 per cent, 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 per cent 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 per cent 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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