Walt Disney Co. (NYSE: DIS) shares dipped on Friday after the company said that it sold its equity interest in the YES Network to a newly formed investor group that includes the Yankees and Sinclair Broadcast Group Inc. (NASDAQ: SBGI), among others.
The group acquired the 80% of the YES Network not already held by the Yankees at a total enterprise value of $3.47 billion.
The YES Network is one of the country’s most-watched regional sports networks, broadcasting games, programs and specialty content for the New York Yankees, the Brooklyn Nets, Major League Soccer’s New York City FC and the WNBA’s New York Liberty.
Since its launch in 2002, the YES Network has earned 118 Emmy Awards and consistently has been ranked as one of the most valuable sports business brands in the world. In addition to televising 128 regular season Yankees games per season, the YES Network also airs pre-and postgame shows, among other Yankee’s programs.
Chris Ripley, president and CEO of Sinclair, commented:
We are excited about partnering with such a renowned franchise as the New York Yankees. 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.
Shares of Disney traded down less than 1% to $136.99 on Friday, in a 52-week range of $100.35 to $147.15. The consensus price target is $152.78.
Sinclair shares were up less than 1%, at $44.54 in a 52-week range of $25.14 to $66.57.
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.