UPDATED 12:26 PM EST, November 20, 2012
NEW YORK (AP) — 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.
