Disney Sells Its Stake In YES Network

Disney announced Thursday it has sold its stake in the YES Network to an investor group including Amazon.

According to CNBC, the investor group, which also includes the Yankees and Sinclair Broadcast Group, acquired the 80% stake of the YES Network that was not already held by the Yankees, according to the release. The total enterprise value of the deal was $3.47 billion.

Disney agreed to sell the 22 regional sports networks (RSNs) owned by 21st Century Fox as a condition of Disney’s acquisition of the company. The YES Network, which airs Yankees games as well as other local sports and specialty content, was among the RSNs the Department of Justice required Disney to sell.

A press release by the investor group says the Yankees, Sinclair and Amazon will make up a “new strategic partnership.” It does not specifically outline Amazon’s role in the partnership, but says the Yankees “will contribute its excellence in developing, producing and marketing sports content that is compelling for fans globally,” and Sinclair “will work with the YES team management to manage traditional and virtual distribution relationships.”

YES Network President Jon Litner will remain in his current role.