(Reuters) - News Corp will acquire a 49 equity stake in the YES Network from the New York Yankees baseball team and its partners, the media conglomerate said on Tuesday.
After three years, News Corp can acquire a bigger stake that could bring its ownership to 80 percent, the company said in a joint statement with Yankee Global Enterprises, the owner of the Yankees.
News Corp said the current YES Network owners, including Yankee Global Enterprises, Goldman Sachs and other investors, would reduce their stakes as part of the transaction.
A person familiar with the deal had previously told Reuters that the deal would value the sports channel at $3 billion.
(Reporting by Liana B. Baker; Editing by Lisa Von Ahn)