News Corp. Nears Deal For YES Stake

News Corp. is closing in on a deal to buy a minority stake in New York regional sports network YES, according to three people with knowledge of the negotiations.

According to one of the people, a deal may be announced in the coming days that values the home network of the New York Yankees at roughly $3 billion. News Corp. is said have its sights on nearly 40% of the network, seeking to buy most, if not all, of the stakes owned by longtime investors Goldman Sachs Group Inc. and Providence Equity Partners. Goldman helped launch YES in 2001. The Yankees and numerous investors in the team also own substantial stakes in the network.

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