News Corp close to deal for YES stake: WSJ

Thu Nov 15, 2012 12:15am EST

A passer-by stands in front of the News Corporation building in New York June 28, 2012. REUTERS/Keith Bedford

A passer-by stands in front of the News Corporation building in New York June 28, 2012.

Credit: Reuters/Keith Bedford

(Reuters) - 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.

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)

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