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Providence exits YES Network 21st Century Fox in $3.9bn sale

28 Jan 2014

Media-focused private equity firm Providence Equity Partners has exited Yankees Entertainment and Sports (YES) Network to 21st Century Fox.

The YES Network is a 24/7 sports and entertainment television network featuring the New York Yankees. Fox increased its stake from 49 per cent to 80 per cent for $3.9bn, leading to a full exit for Providence, alongside fellow shareholder Goldman Sachs.

The sale yielded a return of 4.5x, according to reports.

Providence first sealed a partial exit from YES back in 2012 with the initial stake sale to what was then known as News Corp.

Last year Providence partnered with the National Football League to invest in sports and entertainment related media assets.

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