News Corporation said Tuesday it was acquiring a 49 percent stake in the Yes Network, the New York Yankees' regional cable sports channel.
Yankee Global Enterprises, Goldman Sachs and other investors will reduce their ownership as part of the transaction.
''The Steinbrenner family expects to have a continuing, long-term ownership stake in the Yes Network and we will continue our yearly commitment of fielding a championship caliber team for decades to come,'' Yankees managing partner Hal Steinbrenner said in a statement.
The Yankees also committed to stay on Yes Network through 2042, subject to approval of the deal from Major League Baseball.
News Corp., which owns Fox, may acquire an additional stake in the Yes Network after three years that could bring its ownership to 80 percent. Yankee Global Enterprises would retain a significant minority stake.
''We've long been a believer in the unique appeal of sports entertainment,'' News Corp. deputy chief operating officer James Murdo...