Well, it's official -- Rupert Murdoch now has a key to the inner offices of the YES Network. As reported yesterday by the New York Times, the Australian-born media magnate's company has purchased a 49 percent share of YES, buying out unspecified portions of the 40 percent owned by Goldman Sachs, and presumably, part of the 34 percent owned by the Yankees.
In addition, News Corp. has the opportunity to increase its share of YES to 80 percent after three years, although, according to a press release from the Yankees, Yankees Global Enterprises would "retain a significant minority stake" in the regional sports network. The implications of the transaction could be very important to the future of the ballclub and the Steinbrenner family's continued ownership of the Yankees, as I wrote in my column yesterday.
We'll have more details as they become available.