News Corp Buys Stake in YES, New Cnooc & Nexen Episode: Merger and Acquisitions Report
It is anticipated that News Corporation (NASDAQ:NWS) will announce during the week that it will purchase a 49 percent interest in the YES Network from the New York Yankees and its partners. Such a transaction could value the Network at $3 billion, according to an inside source to Reuters. The move was designed to permit News Corp to ultimately buy control of the channel which broadcasts Yankees baseball and Brooklyn Nets basketball to some 15 million subscribers. Meanwhile, the current deal will enable te company to share in the profits, says The New York Times, which first supplied the particulars. Goldman Sachs Group (NYSE:GS) and Providence Equity own 40 percent.
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A very large hedge fund is apparently betting that Canada will finally okay the proposed acquisition of Nexen (NYSE:NXY) by Cnooc Limited (NYSE:CEO. Paulson & Co. and mutual fund firm Franklin Resources number among non-Canadian investors who bought shares in Nexen in the third quarter, according to regulatory filings. However, the shares were bought prior to Canada’s rejection of a $5.2 billion offer by Petroliam Nasional for Progress Energy Resources Corp. (PRQNF.PK)) on October 19th, which has since soured the prospects for the Nexen deal.
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