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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

28 mins ago - Health

CDC prepares tougher testing rules for international travelers

Travelers with their luggage arrive at a COVID-19 testing location at the airport in Los Angeles, Calif., on Nov. 23, 2021. Photo: Frederic J. Brown/AFP via Getty Images

The Centers for Disease Control and Prevention said Tuesday night that it is working to impose stricter testing requirements for international travelers due to the spread of the new Omicron variant.

The big picture: The new rules would require all international travelers, regardless of vaccination status, to show a negative test taken a day before their flight to the U.S. Currently, the CDC says fully vaccinated travelers are allowed to show a test taken no more than three days before their departure, AP reports.

Republicans threaten to shut down government over vaccine mandates

Sen. Mike Lee (R-Utah) in the Capitol in November 2020. Photo: Joshua Roberts/Getty Images

Conservative Republicans in the House and Senate are planning to force a government shutdown Friday to deny funding needed to enforce the Biden administration's vaccine mandates on the private sector, according to Politico.

Why it matters: Congress has until the end of the week to pass a stopgap measure to extend funding into 2022, though objection from a small group of Republicans could shut down the government.

Electric car prices could go up before they come down

Illustration: Eniola Odetunde/Axios

The secret to affordable electric vehicles is cheaper batteries. But after years of falling prices, battery costs are now headed in the wrong direction.

Why it matters: Costlier batteries could drive up the price of electric vehicles — threatening the auto industry's transition away from fossil fuels, and, in turn, society's fight against climate change.