NEW YORK: Media conglomerate Cablevision is reported to have agreed in principle to acquire the New York baseball team, The Yankees.
Though neither Cablevision president Chuck Dolan nor owner George Steinbrenner had confirmed a deal by Monday, November 23, the talks are reported to put a value of $785 million on the team.
Cablevision is understood to be proposing to acquire a 70% stake from Steinbrenner and other minority shareholders for between $550-$650 million.
Cablevision already has extensive sports interests including the New York Rangers hockey team, the New York Knicks basket-ball team and Madison Square Garden, where both teams play.
The acquisition of sports teams by broadcasters is seen as a way of controlling the cost of TV sports' rights.
Time Warner owns the football team the Atlanta Braves. Rupert Murdoch's News Corp has a stake in the LA Dodgers baseball team. And the company also acquired top British soccer club, Manchester United in the summer this year.