(Rupert Murdoch, shortly before learning Suzyn Waldman’s voicemail really wasn’t worth hacking into)
Seriously, was there no possible way James Dolan could’ve picked up a 1% stake, just for appearances? With a move ESPN NY’s Wally Matthews considers a harbinger of the Steinbrenner family making their exit from baseball entirely, News Corp. has acquired a 49 percent share in the YES Network. Aside from the likelihood of Louis C.K. being quizzed on “Centerstage”, this is probably not good news for anyone with, y’know, a soul. From the New York Times’ Amy Chozick :
The media company said the YES Network’s current owners –Yankee Global Enterprises, Goldman Sachs and other investors — would reduce their ownership in the cable channel. The deal gives News Corporation the option to eventually increase its stake to 80 percent, with Yankee Global Enterprises, a holding company for the team, continuing to hold a minority stake.
News Corporation did not disclose the purchase price, but people familiar with the negotiations said it was based on a valuation of the channel at more than $3 billion, putting it at approximately $1.5 billion or more. The deal underscores the competitive and lucrative arena of television sports. The Los Angeles Dodgers were sold this year for $2.15 billion.