News Corp.’s purchase of a 49 percent equity stake in...
News Corp.’s purchase of a 49 percent equity stake in the Yankees Entertainment and Sports Network won’t impact its Baa1 senior unsecured rating and has positive long-term strategic and financial implications, Moody’s Investors Service said in a research note. News…
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Corp. announced the acquisition Tuesday (CD Nov 21 p15). The YES Network is a strong addition to News Corp.’s portfolio of TV and entertainment properties, Moody’s said. A continuing long-term ownership stake in the network “will increase the company’s leverage in negotiating pay-TV distribution contracts for all its other RSNs [regional sports networks] if they are negotiated as a group,” Moody’s said. “We expect the company to benefit from cash flows it receives as its share of the YES Network’s partnership income."