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Yankee Global Enterprises, LLC, formerly YankeeNets, LLC, is an American limited liability company (LLC) which owns the New York Yankees baseball team, along with a plurality stake in YES Network and a 20% and 10% stake in New York City FC and AC Milan soccer clubs, respectively.
In late 2003, the Yankees and Nets decided to part ways, with the Nets being sold to a group led by real estate developer Bruce Ratner. The sale did not include the Nets' ownership stake in YES (NJ Holdings), which remained with the pre-merger owners of the team.
Jun 23, 2003 · BUSINESS EXCLUSIVE. Principals in the YankeeNets holding company are in talks to unwind their partnership, The Post has learned. Tensions within the group have gotten so bad that the parties want...
- Prior to YankeeNets
- Merger with The Nets
- Marketing Agreements
- Acquisition of The Devils
- Broadcast Negotiations
- The Breakup of YankeeNets
- Name Change
- Money-Losing Controversy
- The Future
- New Yankee Stadium
In 1998, the Yankees had their most successful season in modern history, winning a combined total of 125 regular season and playoff games, culminating in a World Series championship. The team was in discussions to be sold to Cablevision, who at the time owned the broadcast rights to every MLB, NBA and NHL team in the New York City Metropolitan area...
After the proposed sale of the New York Yankeesto Cablevision fell through, the Yankees and Nets agreed to merge business operations, creating a combined holding company. This was done to increase the negotiating power of both teams for future television contracts and stadium and arena construction deals. The pre-merger owners would continue to con...
YankeeNets engaged in marketing agreements with the New York Giants football team and the British football powerhouse Manchester United, which resulted in exclusive Giants and Manchester United programming on the YES Networkfor a period of time.
YankeeNets created an affiliate, Puck Holdings, which purchased the New Jersey Devils ice hockey team, to have relationships in all major league professional sports, and to give better leverage to the Nets in constructing the Prudential Centerin Newark.
With the Yankees' television contract with Cablevision expiring in 2001 and the Nets' contract expiring after the 2001-2002 season, the teams negotiated together with potential cable partners for the next contract. They spoke to Cablevision about remaining on their networks, or creating a new network with them. Cablevision offered to pair both team...
In 2003, reports leaked that the Yankees and Nets sides of the organization were in disagreement with each other. The Yankee ownership in Tampa did not want any part in paying for an arena for the Nets and Devils, as the teams were money-losers. This led to the Nets being sold to Bruce Ratner, who intended to move the team to an arena in Brooklyn, ...
In 2004, with the exodus of the Nets and Devils complete, the company changed its name to Yankee Global Enterprises LLC, keeping the Yankees and the YES Network as separate entities owned by the same company.
In August 2006, Yankees general manager Brian Cashman said in an interview with Bloomberg radio, that the team is losing money, due to Major League Baseball's luxury tax. It is unknown if the entity that is losing money is Yankee Global, or just the ballclub. After barely breaking even in 2002, the YES Network has been successful in generating reve...
There had been reports that Yankee Global was interested in purchasing all or part of an AM radio station to broadcast the Yankees' games. CBS Radio, owner of WCBS-AM (the team's flagship station), had been looking to drop its MLB broadcasts ever since the league simulcasted local games on XM Satellite Radio, which does not compensate local station...
The Yankees are mostly financing the new Yankee Stadium by revenues the YES Network creates. Since the team will again have ownership of their stadium, the Yankees have also created a company to handle the concessions in new Yankee Stadium.
After an IMG proposed partnership channel, an MSG/Cablevision lawsuit and a termination payment by September 2001, YankeeNets had cleared the way to start its Yankees Entertainment and Sports Network with 40% outside ownership.
As part of the sale, the Nets signed a long-term deal to keep the team's game telecasts on YES. In 2004, YankeeNets was renamed Yankee Global Enterprises, which owns the Yankees and the minority share in YES as separate companies. Therefore, the Yankees technically do not own YES.
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Aug 31, 2019 · The Yankees Entertainment and Sports Network, more commonly known as the YES Network, began as the brainchild of a now-defunct 1998 business merger known as YankeeNets between the business...
