January 24, 2014 / 11:11 PM / 4 years ago

Twenty-First Century Fox to take majority stake in YES Network

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. REUTERS/Danny Moloshok

(Reuters) - Twenty-First Century Fox Inc said it would take control of Yankees Entertainment and Sports (YES) Network, by raising its stake to 80 percent from 49 percent.

Twenty-First Century Fox, which first acquired its stake in YES Network in 2012, said the remaining 20 percent stake will continue to be held by Yankee Global Enterprises.

YES Network will become a part of Twenty-First Century Fox, and Chief Executive Tracy Dolgin of YES Network will remain in his role leading the network.

The YES Network delivers live coverage of New York Yankees baseball and Brooklyn Nets basketball, as well as other sports programming in the United States.

The deal is expected to close by the end of the first calendar quarter. Financial terms of the deal were not disclosed.

Shares of Twenty-First Century Fox closed at $31.27 on Friday on the Nasdaq.

Reporting by Chandni Doulatramani in Bangalore; Editing by Savio D'Souza

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