SBGI Sinclair Inc

   By Stephen Nakrosis 
 

The Walt Disney Co. (DIS) said Thursday it sold its equity interest in the YES Network to a newly formed investor group, which includes new N.Y. Yankees owner Yankee Global Enterprises and Sinclair Broadcast Group Inc. (SBGI).

Disney said the new investor group acquired 80% of YES Network at a total enterprise value of $3.47 billion.

The YES Network is the country's most-watched regional sports network, Sinclair said. It broadcasts New York Yankees, Brooklyn Nets, New York City FC and New York Liberty games and other programs.

"We are excited about partnering with such a renowned franchise as the New York Yankees," said Chris Ripley, president and chief executive of Sinclair. "With this investment, we will have 23 RSN brands, including Marquee with the iconic Chicago Cubs, and 21 RSN brands acquired from the Walt Disney Company last week."

Other investors in the YES Network include Amazon.com Inc. (AMZN), RedBird Capital, funds managed by Blackstone's Tactical Opportunities business, and Mubadala Capital, Sinclair said.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

August 29, 2019 16:48 ET (20:48 GMT)

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