Yankees in talks with Amazon, Sinclair to bid for Yes Network: WSJ

FILE PHOTO: New York Yankees’ Derek Jeter waits to bat as he stands near the Yankees logo painted on the infield behind home plate during the fourth innings of the Yankees’ game against the Tampa Bay Rays at Yankee Stadium in New York, July 8, 2008. REUTERS/Mike Segar

(Reuters) – The New York Yankees are in talks with Inc and Sinclair Broadcast Group Inc. about a joint bid for the team’s regional sports network, Yes, the Wall Street Journal reported on Friday, citing people familiar with the matter.

The baseball team, which owns 20% of Yes, has talks with other potential partners, including cable and satellite TV provider Altice united states and RedBird Capital about the acquisition of the remaining 80% of the shares of Walt Disney Co, the wall street journal reported.

Disney is looking for a valuation of $5 billion to $6 billion for the Yes Network, according to the report.

The talks are still at an early stage and a partnership with Amazon or Sinclair is not guaranteed, sources told the Magazine.

Disney, which is the buy of the Twenty-First Century Fox Inc. ‘s film and television assets, had said that it would divest 22 of Fox’s regional sports networks, including New York-focused Yes Network, as part of an agreement with the U.S. Department of Justice.

Amazon, Sinclair and Yankees could not be reached outside regular business hours.

Reporting by Sonam Rai in Bengaluru

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