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Photo: Joe Robbins/Getty Images

The Walt Disney Company says it's sold its 80% stake in the YES (Yankee Entertainment and Sports) Network for a deal valued at $3.47 billion.

Why it matters: The YES Network is considered one of the most valuable and most-watched regional sports networks. Its sale will boost Sinclair's growing foothold in regional sports and will give Amazon an entryway into local sports broadcast.

Details: Disney's stake is being sold to an investment groups that includes Amazon, Sinclair Broadcast Group and Yankee Global Enterprises, the parent company of the New York Yankees.

  • Sinclair says it has acquired 20% of the network via its subsidiary Diamond Sports Group for about $346 million.
  • Yankee Global Enterprises will be the majority owner with a 26% stake in the company. Amazon will receive roughly a 15% stake in the company, per Deadline.
  • Other investors include RedBird Capital, funds managed by Blackstone’s Tactical Opportunities business, and Mubadala Capital, according to a press release.

Between the lines: Disney agreed to sell off all 22 Fox regional sports networks as part of its approval from the Justice Department to OK its 21st Century Fox deal. YES Network is part of that divestiture.

  • Sinclair just last week closed a $9.6 acquisition of Disney's 21 other regional sports networks. In a statement, Sinclair President and CEO Chris Ripley said that with this investment, "we will have 23 RSN brands, including Marquee with the iconic Chicago Cubs."

The big picture: The value of RSNs has been difficult to measure over the past few years. RSNs have been able to command strong licensing fees due to their exclusive sports rights, but have seen viewership declines due to more people ditching traditional television packages for digital alternatives.

Go deeper... Report: Sinclair clinches deal for Disney's regional sports networks

Go deeper

6 hours ago - Politics & Policy

Rahm Emanuel floated for Transportation secretary

Rahm Emanuel. Photo: Joshua Lott for The Washington Post via Getty Images

President-elect Biden is strongly considering Rahm Emanuel to run the Department of Transportation, weighing the former Chicago mayor’s experience on infrastructure spending against concerns from progressives over his policing record.

Why it matters: The DOT could effectively become the new Commerce Department, as infrastructure spending, smart cities construction and the rollout of drone-delivery programs take on increasing economic weight.

6 hours ago - Politics & Policy

Biden turns to experienced hands for White House economic team

Illustration: Sarah Grillo/Axios

Joe Biden plans to announce Cecilia Rouse and Brian Deese as part of his economic team and Neera Tanden to head the Office of Management and Budget, sources tell Axios.

Why it matters: These are experienced hands. Unveiling a diverse group of advisers also may draw attention away from a selection of Deese to run the National Economic Council. Some progressives have criticized his work at BlackRock, the world's largest asset management firm.

Biden taps former Obama communications director for press secretary

Photo: Mark Makela/Getty Images

Jen Psaki, who previously served as Obama's communications director, will serve as President-elect Joe Biden's press secretary, the transition team announced Sunday.

The big picture: All of the top aides in Biden's communication staff will be women, per the Washington Post, which first reported Psaki's appointment.