December 28, 2018 / 11:26 AM / 5 months ago

Yankees in talks with Amazon, Sinclair to bid for Yes Network: WSJ

(Reuters) - The New York Yankees are in talks with Amazon.com Inc and Sinclair Broadcast Group Inc about a joint bid for the team’s regional sports network, Yes, the Wall Street Journal reported on Friday, citing people familiar with the matter.

The baseball team, which owns 20 percent of Yes, has also been talking to other potential partners, including cable and satellite TV provider Altice USA and RedBird Capital, about buying the remaining 80 percent stake from Walt Disney Co, the report said.

Disney is seeking a valuation of $5 billion to $6 billion for Yes Network, according to the report, adding that the talks are still in early stages and a partnership with either Amazon or Sinclair isn’t guaranteed.

Disney, which is buying Twenty-First Century Fox Inc’s film and television assets, had said it would divest 22 of Fox’s regional sports networks, including New York-focused Yes Network, as part of an agreement with the U.S. Department of Justice.

Sinclair and Yankees were not immediately available for comment, while Amazon declined to comment.

Reporting by Sonam Rai in Bengaluru; Editing by Shailesh Kuber

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