News Corp is in the process of closing a deal to buy a minority stake in New York regional sports network YES, the Wall Street Journal reported on Wednesday, citing sources.
A deal that values the home network of the New York Yankees at about $3 billion is expected to be announced in the coming days, the Journal reported.
Continue Reading Below
News Corp will be acquiring about 40 percent of the network, most of which will come from stake sales by Goldman Sachs Group Inc and Providence Equity Partners, the Journal said.
News Corp owns Dow Jones & Co, which publishes The Wall Street Journal.
The deal comes amid rising fees for sports rights and values for the networks that own them, the Wall Street Journal reported.
News Corp could not be immediately reached for comment by Reuters outside regular U.S. business hours.
(Reporting By Neha Dimri in Bangalore; Editing by Muralikumar Anantharaman)