The latest rumor swirling around Yankee Universe is not a potential signing of a big name free agent to fill one of the team’s numerous holes.
September 20, 2010 – G. Steinbrenner tribute at Yankee Stadium.(Photo credit: ladylovespins)
It has been reported by the New York Times that media giant News Corp is close to a deal to own a minority share of the YES Network. The price is TBD but the YES Network is valued somewhere in the $4 billion range, of which the Yankees own 34%.
This means more money in the Yankees pockets as even though Goldman Sachs currently owns the shares in question, the YES network will profit handsomely the deal is likely to result in cable cost hikes.
And if the deal transpires it means more money in the Yankees pockets for years to come.
Just to give you an idea, in 2011 YES made an astonishing $224 million in operating income with $90 million going to the Yankees. So you can only image how much more money the Yankees will earn with News Corp at the helm.