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Disney sells its stake in YES Network to investor group that includes Amazon – CNBC

Disney sells its stake in YES Network to investor group that includes Amazon – CNBC

Jeff Bezos, founder of Amazon and Blue Origin speaks during the JFK Space Summit, celebrating the 50th anniversary of the moon landing, at the John F. Kennedy Library in Boston, June 19, 2019.Katherine Taylor | ReutersDisney announced Thursday it has sold its stake in the YES Network to an investor group including Amazon.The investor group,…

Jeff Bezos, founder of Amazon and Blue Foundation speaks for the length of the JFK Space Summit, celebrating the fiftieth anniversary of the moon touchdown, at the John F. Kennedy Library in Boston, June 19, 2019.

Katherine Taylor | Reuters

Disney introduced Thursday it has supplied its stake in the YES Community to an investor neighborhood in conjunction with Amazon.

The investor neighborhood, which moreover involves the Yankees and Sinclair Broadcast Neighborhood, got the 80% stake of the YES Community that changed into once no longer already held by the Yankees, essentially based completely on the free up. The full challenge label of the deal changed into once $3.47 billion, essentially based completely on the announcement.

Disney agreed to sell the 22 regional sports activities networks (RSNs) owned by twenty first Century Fox as a situation of Disney’s acquisition of the company. The YES Community, which airs Yankees games as well to other local sports activities and distinctiveness impart, changed into once among the many RSNs the Department of Justice required Disney to sell.

A press free up by the investor neighborhood says the Yankees, Sinclair and Amazon will constructing up a “unusual strategic partnership.” It doesn’t specifically outline Amazon’s characteristic in the partnership, nonetheless says the Yankees “will make contributions its excellence in developing, producing and marketing sports activities impart that is compelling for followers globally,” and Sinclair “will work with the YES team management to put collectively former and digital distribution relationships.”

YES Community President Jon Litner will remain in his recent characteristic, essentially based completely on the free up.

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