The YES Network, the highest-rated regional sports network and the cable home of the New York Yankees, is on the block, according to a Fortune magazine report.
YES is jointly owned by the Yankees, investment bank Goldman Sachs & Co. and former New Jersey Nets owner Ray Chambers. Goldman and Chambers would like to cash out, YES and Yankees insiders told Fortune.
Fortune estimates YES could attract an offer between $3 billion and $3.5 billion. Possible bidders, according to Fortune, include Cablevision, Comcast, News Corp. and Verizon.
Hal Steinbrenner, son of Yankees' owner George Steinbrenner and now a more visible figure in the day-to-day management of the team, told Fortune a YES divestiture is not a precursor for a sale of the team. "There's no thought of selling the team," he said. "It's been in the family for 35 years, and it's going to stay that way."
George Steinbrenner is believed to be in ill-health though team officials insist he's still involved in key organizational decisions.
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