We heard about this last week, but now it’s official and now we know how big a stake:
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.
News Corp gets an option to buy up to an 80 percent stake in the network. If that were to happen the Steinbrenner family and the Yankees, obviously, would be a lot more like every other team which receives rights payments from a broadcaster rather than having one side of the house pay the other. Which makes this more interesting:
The Yankees also committed to stay on Yes Network through 2042, subject to approval of the deal from Major League Baseball.
Huh. You have to assume that there is some sort of mechanism to automatically keep those TV rights at the top of the market, because locking in to some sort of relationship for the next thirty years would, quite obviously, hurt the Yankees’ ability to get top value for broadcast rights from the presumably then third-party YES Network.
The Mets and Braves are playing today and it’s not a great day for the Mets in the injury department.
First they scratched Noah Syndergaard with a “tired arm.” Now they’ve lost Yoenis Cespedes, who pulled up limping at second base following a double in the bottom of the fourth:
The team has announced that he has pulled his left hamstring.
Cespedes, of course, missed three games over the weekend due to hamstring issues. That was merely tightness, however, and following an off day and a rainout, Cespedes played last night without incident. But it now looks as though he’s going to miss some serious time.
For all of the headlines about Derek Jeter and Jeb Bush buying the Miami Marlins, this is looking like anything but a done deal. First is the small matter of the billion and a half bucks Jeter and Jeb need to put together. Then there’s the matter of there being another . . . mystery bidder!
That according to commissioner Rob Manfred who says two groups are still bidding to buy the Marlins. He said this morning at the groundbreaking for the Jackie Robinson Museum, adding “There is no agreement in place. We’re working with more than one group . . . there is not a signed document on any topic.”
Despite this, Manfred said that “the timeline is relatively short; it would be measured in days, not months.” So someone is likely to find that billion and a half bucks soon, I reckon.