Amazon Now Owns a Piece of the Crown Jewel of Regional Sports Networks
The YES Network has a new home. Disney (NYSE: DIS) agreed to sell the New York sports network that airs games of the Yankees, Nets, and other local teams to an investor group that includes the Yankees, Sinclair Broadcast Group (NASDAQ: SBGI), and Amazon.com (NASDAQ: AMZN).
Disney agreed to sell the 22 regional sports networks Twenty-First Century Fox owned soon after closing the deal to buy Fox in order to gain approval from the Justice Department. It sold 21 of those networks to Sinclair, but held back YES, which analysts deemed the crown jewel of the regional sports networks. That jewel ended up fetching about $3.5 billion.
Now, Amazon has a piece of it, although it's not clear what level of involvement the tech giant will have in the network. YES could prove a valuable asset to attract consumers to Prime Video. It could also open the door for Amazon to develop more advertising technology.
Source Fool.com
