Regional sports networks continue to be the hottest ticket in media.
Fox said it would increase its stake to 80%, up from the 49% interest it bought in December 2012.
Fox declined to say how much it was paying for its increased interest. It paid $584 million for the 49% stake in 2012.
At that time, the entertainment company headed by
Fox had long planned to own a majority stake in the channel, but it increased its holdings more rapidly than initially envisioned. The value of sports channels has accelerated in recent years.
When Fox first invested in the YES Network, some analysts valued the channel at more than $3 billion.
Yankee Global Enterprises is to hold the remaining 20% stake.
One of the next things on the YES Network's to-do list is to negotiate a new carriage contract with
Some have speculated that the negotiation process could be ticklish because Fox and Time Warner Cable have clashed in the past. Fox lost the rights to televise
The YES Network deal is expected to close during this fiscal quarter.
Fox also announced that Tracy Dolgin, who is chief executive and president of the YES Network, will remain in his role leading the network.
The network, which launched in 2002, provides local TV coverage of New York Yankees baseball and
“Our investment in the YES Network underscores our commitment to growing our global sports portfolio with offerings that are exceptional and unique,”