BSF Represents Yankees Entertainment & Sports Network in Sale of Equity Stake to News Corporation
BSF’s Corporate Group represented Yankees Entertainment & Sports Network, which televises New York Yankees baseball and Brooklyn Nets basketball, as well as other leading local and national sports-related programming, in connection with the sale of a 49% equity stake to News Corporation. The transaction was announced on November 20, 2012 and covered broadly by leading media outlets. As part of the transaction, the media rights agreement with the Yankees will be extended and will keep Yankees baseball on the YES Network through 2042. The media rights agreement was approved by Major League Baseball and the transaction closed in December 2012. After three years, News Corporation may acquire an additional stake in the Network that could bring its ownership to 80%, at which time Yankee Global Enterprises would retain a significant minority stake in the Network.
Partners Richard Birns, Mike Huang, Robert Lia, and Jason Hill, as well as associates Russell Franklin, Lidia Frenkel and Daniel Grossman worked on this deal. Partners Mike Kosnitzky and Ivan Mitev of the Tax Group also contributed.