News Corp. close to buying stake in YES Network

A view of the outside of the News

A view of the outside of the News Corporation building in New York. (Credit: AP, 2011)

News Corp. is nearing a deal to buy a significant stake in the YES Network, The New York Times reported Wednesday night. The company, which is deeply involved in local sports television through its Fox regional sports network, has been in talks for weeks about securing a piece of YES, but it would not come from the Yankees themselves, who are expected to retain their one-third ownership. Goldman Sachs, which owns about 40 percent of YES, has been shopping its ownership stake on and off for years and would sell to News Corp. if the deal is finalized. YES' value has been estimated at $3 billion.

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