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YES Network
The Yankees Entertainment and Sports Network (YES) is an American pay television regional sports network owned by Yankee Global Enterprises (the largest shareholder with 26%), Main Street Sports Group (which owns 20%), Amazon (which owns 15%), and the Blackstone Group, RedBird Capital and Mubadala Investment Company, which each own 13%. Primarily serving New York City, New York, and the surrounding metropolitan area, it broadcasts a variety of sports events, as well as magazine, documentary and discussion programs; however, its main emphasis is focused on games and team-related programs involving the New York Yankees of Major League Baseball (owned by minority partner Yankee Global), and the NBA's Brooklyn Nets.
YES Network's offices are based at the MetLife Building in Midtown Manhattan. YES programs, including Yankees and Nets pre- and post-game shows, are produced in studios that are located in Stamford, Connecticut. The channel is available on cable and IPTV providers in New York, New Jersey, Connecticut and parts of Pennsylvania; it is available nationally on some cable systems (as part of a designated sports tier), via satellite on DirecTV, and regionally on Frontier, AT&T U-verse, Verizon Fios, and Cox Communications.
YES is the product of a holding company founded in 1999 called YankeeNets, created out of a merger of the business operations of the Yankees and the New Jersey Nets. One of the reasons behind the operational merger was to allow both teams to gain better leverage over their own broadcast rights; each party believed that it would obtain better individual deals, if they negotiated the rights collectively.
Two years earlier in 1997, Cablevision – which at the time had owned the Nets' television broadcaster, SportsChannel New York (later known as Fox Sports Net New York, and now known as MSG Sportsnet) – became the sole owner to the television rights of all seven Major League Baseball, NBA and NHL teams in the New York City market when it acquired the competing MSG Network (previously owned by Viacom through its 1994 purchase of the network's former parent Paramount Communications), which had held the broadcast rights to the Yankees since 1989. This led to monopoly-like tactics, including the shift of some games to the cable-exclusive MSG Metro Channels, which had very limited distribution as Cablevision, Comcast and Time Warner Cable routinely fought over carriage agreements. Cablevision attempted to buy the Yankees outright, but could not agree to acceptable terms with George Steinbrenner and his partners.
To exit its MSG/Cablevision deal, the Yankees would have to give them the right to match any new right agreement and show a judge that a third party was willing to purchase their rights and launch a channel. Thus, new YankeeNets CEO Harvey Schiller hired IMG to provide a valuation for the prospective YankeeNets sport channel. IMG came back with an offer to partner on the channel with a guaranteed rights fees of $838 million. In 2000, YankeeNets and IMG proposed forming a sports channel valued as high as $2.4 billion. Cablevision sued considering its valuing as "outlandish" to block the channel. In April 2001, the suit was settled such that in June 2001, YankeeNets paid MSG to take the Yankees' TV rights in-house. IMG had been replaced by other investors, Goldman, Sachs & Company, the Quadrangle Group, Leo Hindery Jr., chief executive of the network, and Amos Hostetter Jr., a billionaire cable veteran, who in total had a 40% share of the channel.
The YES Network launched at noon on March 19, 2002, with a half-hour introductory show. The first game broadcast on YES was an exhibition game between the New York Yankees and the Cincinnati Reds at 7 PM on the same day. At its launch, YES was available on DirecTV and to subscribers of all major New York area cable providers except Cablevision which would refuse to add the network for the 2002 season (see below). The first regular season game broadcast on YES was played on April 1 against the Baltimore Orioles.
In late 2003, the Yankees and Nets decided to part ways, with the Nets being sold to a group led by real estate developer Bruce Ratner. The sale did not include the Nets' ownership stake in YES (NJ Holdings), which remained with the pre-merger owners of the team. As part of the sale, the Nets signed a long-term deal to keep the team's game telecasts on YES. In 2004, YankeeNets was renamed Yankee Global Enterprises, which owns the Yankees and the minority share in YES as separate companies. Therefore, the Yankees technically do not own YES. The Yankees, however, receive a rights fee from YES that is somewhat higher than MSG previously paid.
In 2007, Goldman Sachs' and former Nets owner Ray Chambers' share in the network was put up for sale. In November 2012, News Corporation agreed to terms on acquiring a 49% stake in YES. As a consequence, each of the network's previous owners had their ownership stakes reduced. As a result of the sale to Fox, the Yankees agreed to keep their games on the network through 2041, which would be the network's 40th year of existence. News Corporation's interest in YES was transferred to 21st Century Fox (owned by Rupert Murdoch, who also remained the owner of News Corporation), when the former company spun off its U.S. entertainment holdings into a separate company in July 2013.
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YES Network
The Yankees Entertainment and Sports Network (YES) is an American pay television regional sports network owned by Yankee Global Enterprises (the largest shareholder with 26%), Main Street Sports Group (which owns 20%), Amazon (which owns 15%), and the Blackstone Group, RedBird Capital and Mubadala Investment Company, which each own 13%. Primarily serving New York City, New York, and the surrounding metropolitan area, it broadcasts a variety of sports events, as well as magazine, documentary and discussion programs; however, its main emphasis is focused on games and team-related programs involving the New York Yankees of Major League Baseball (owned by minority partner Yankee Global), and the NBA's Brooklyn Nets.
YES Network's offices are based at the MetLife Building in Midtown Manhattan. YES programs, including Yankees and Nets pre- and post-game shows, are produced in studios that are located in Stamford, Connecticut. The channel is available on cable and IPTV providers in New York, New Jersey, Connecticut and parts of Pennsylvania; it is available nationally on some cable systems (as part of a designated sports tier), via satellite on DirecTV, and regionally on Frontier, AT&T U-verse, Verizon Fios, and Cox Communications.
YES is the product of a holding company founded in 1999 called YankeeNets, created out of a merger of the business operations of the Yankees and the New Jersey Nets. One of the reasons behind the operational merger was to allow both teams to gain better leverage over their own broadcast rights; each party believed that it would obtain better individual deals, if they negotiated the rights collectively.
Two years earlier in 1997, Cablevision – which at the time had owned the Nets' television broadcaster, SportsChannel New York (later known as Fox Sports Net New York, and now known as MSG Sportsnet) – became the sole owner to the television rights of all seven Major League Baseball, NBA and NHL teams in the New York City market when it acquired the competing MSG Network (previously owned by Viacom through its 1994 purchase of the network's former parent Paramount Communications), which had held the broadcast rights to the Yankees since 1989. This led to monopoly-like tactics, including the shift of some games to the cable-exclusive MSG Metro Channels, which had very limited distribution as Cablevision, Comcast and Time Warner Cable routinely fought over carriage agreements. Cablevision attempted to buy the Yankees outright, but could not agree to acceptable terms with George Steinbrenner and his partners.
To exit its MSG/Cablevision deal, the Yankees would have to give them the right to match any new right agreement and show a judge that a third party was willing to purchase their rights and launch a channel. Thus, new YankeeNets CEO Harvey Schiller hired IMG to provide a valuation for the prospective YankeeNets sport channel. IMG came back with an offer to partner on the channel with a guaranteed rights fees of $838 million. In 2000, YankeeNets and IMG proposed forming a sports channel valued as high as $2.4 billion. Cablevision sued considering its valuing as "outlandish" to block the channel. In April 2001, the suit was settled such that in June 2001, YankeeNets paid MSG to take the Yankees' TV rights in-house. IMG had been replaced by other investors, Goldman, Sachs & Company, the Quadrangle Group, Leo Hindery Jr., chief executive of the network, and Amos Hostetter Jr., a billionaire cable veteran, who in total had a 40% share of the channel.
The YES Network launched at noon on March 19, 2002, with a half-hour introductory show. The first game broadcast on YES was an exhibition game between the New York Yankees and the Cincinnati Reds at 7 PM on the same day. At its launch, YES was available on DirecTV and to subscribers of all major New York area cable providers except Cablevision which would refuse to add the network for the 2002 season (see below). The first regular season game broadcast on YES was played on April 1 against the Baltimore Orioles.
In late 2003, the Yankees and Nets decided to part ways, with the Nets being sold to a group led by real estate developer Bruce Ratner. The sale did not include the Nets' ownership stake in YES (NJ Holdings), which remained with the pre-merger owners of the team. As part of the sale, the Nets signed a long-term deal to keep the team's game telecasts on YES. In 2004, YankeeNets was renamed Yankee Global Enterprises, which owns the Yankees and the minority share in YES as separate companies. Therefore, the Yankees technically do not own YES. The Yankees, however, receive a rights fee from YES that is somewhat higher than MSG previously paid.
In 2007, Goldman Sachs' and former Nets owner Ray Chambers' share in the network was put up for sale. In November 2012, News Corporation agreed to terms on acquiring a 49% stake in YES. As a consequence, each of the network's previous owners had their ownership stakes reduced. As a result of the sale to Fox, the Yankees agreed to keep their games on the network through 2041, which would be the network's 40th year of existence. News Corporation's interest in YES was transferred to 21st Century Fox (owned by Rupert Murdoch, who also remained the owner of News Corporation), when the former company spun off its U.S. entertainment holdings into a separate company in July 2013.
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