Changing definition of the "YES Network"
- From NY Times article by Richard Sandomir, 8/3/07:
- Quote from Gerald Cardinale about future of Yankee broadcasts. ("Gerald J. Cardinale, a managing director of Goldman Sachs and a YES board member..." from the article).
- On percentage owned by the Steinbrenner group:
- (Current attempts to sell portions of the YES Network will of course determine its actual worth. But currently being evaluated is):
- NY Times article by Richard Sandomir, "Yankees YES Network Stake Not for Sale," 8/3/07
- "...the Bronx Bombers lost $25 million last year, despite a league-leading $302 million in revenue and a 13th straight post season appearance."
- From Forbes article by Tom Van Riper, "Baseball's Best Free Agents for the Buck," 11/27/07.
- (Reuters): "The YES Network is around 40 percent owned by the Yankees baseball team, with the remainder owned by Goldman Sachs Group Inc, private equity firm Providence Equity Partners and Raymond Chambers, former co-owner of the New Jersey Nets basketball team.
One source said that YES has been shopped around more to private equity buyers than corporate -- or so called "strategic" -- buyers, in part because buyout firms were aggressively scooping up assets before the credit crunch hit.
- "I would have thought that a Time Warner or a Comcast or a News Corp would mesh well with their existing services," Mansell said. "But you're in a current economic environment where there aren't a lot of deals getting done. The market would hammer the companies for empire building."