News Corp. completes $2 billion YES Network deal

News Corp. is moving forward with a nearly $2 billion investment in YES Network, after the channel reportedly extended its carriage agreement for New York Yankees games for five more years, through 2042. News Corp., which will control 49% of YES, will have the ability to acquire an additional 31% of the network in 2015. News Corp. sees the YES stake as a boon to its efforts to launch Fox Sports 1, a new network that's intended to be a rival to ESPN.

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