Yankees in talks with Amazon, Sinclair to bid for Yes Network: WSJ

[December 28, 2018]  (Reuters) - The New York Yankees are in talks with Amazon.com Inc and Sinclair Broadcast Group Inc about a joint bid for the team's regional sports network, Yes, the Wall Street Journal reported on Friday, citing people familiar with the matter.

A reporter for the YES Network talks on the court before the Los Angeles Lakers play against the Brooklyn Nets in a NBA basketball game in Los Angeles November 20, 2012. News Corp will acquire a 49 percent equity stake in the YES Network from the New York Yankees baseball club and its partners, giving the media company a major sports presence in the largest U.S. TV market. REUTERS/Danny Moloshok (UNITED STATES - Tags: SPORT BASKETBALL BUSINESS MEDIA)

The baseball team, which owns 20 percent of Yes, has also been talking to other potential partners including cable and satellite TV provider Altice USA and RedBird Capital about buying the remaining 80 percent stake from Walt Disney Co, the WSJ reported.

Disney is seeking a valuation of $5 billion to $6 billion for Yes Network, according to the report.

The talks are still in early stages and a partnership with either Amazon or Sinclair isn't guaranteed, sources told the Journal.

Disney, which is buying Twenty-First Century Fox Inc's film and television assets, had said it would divest 22 of Fox's regional sports networks, including New York-focused Yes Network, as part of an agreement with the U.S. Department of Justice.

Amazon, Sinclair and Yankees could not be reached outside regular business hours.

(Reporting by Sonam Rai in Bengaluru)

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