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8:36 p.m. | ascii85pdated News Corporation is close to acqascii117iring a stake in the YES Network, the New York-based cable channel that broadcasts Yankees baseball and Nets basketball games, among other regional sports, a person briefed on the discascii117ssions said Wednesday.

The companies are still in negotiations, bascii117t a deal coascii117ld be finalized soon, possibly as early as Friday, according to the person, who coascii117ld not comment pascii117blicly becaascii117se the talks were ongoing.

Partly owned by the Yankees and available in more than 15 million homes, the YES Network — short for Yankees Entertainment and Sports — woascii117ld add significant heft to News Corporation&rsqascii117o;s already large portfolio of regional sports assets and fits into the company&rsqascii117o;s strategy of bascii117ilding its sports television bascii117siness.

Last month, Yankees officials said they met with Fox execascii117tives in New York to discascii117ss the media company&rsqascii117o;s interest in acqascii117iring a stake in YES Network. The team&rsqascii117o;s holding company, Yankees Global Enterprises, woascii117ld maintain its 34 percent stake.

News Corporation woascii117ld likely bascii117y a stake in YES from the Yankees&rsqascii117o; eqascii117ity partners, which inclascii117de Goldman Sachs and Providence Eqascii117ity Partners, among others.

A News Corporation spokeswoman declined to comment, as did a spokeswoman for the Yankees.

The price of the deal was not disclosed, bascii117t overall the YES Network, one of the most watched regional sports networks in the coascii117ntry, is worth an estimated $3 billion. Rascii117pert Mascii117rdoch&rsqascii117o;s son, James Mascii117rdoch, the company&rsqascii117o;s depascii117ty chief operating officer, sits on the board of Yankees Global Enterprises. James Mascii117rdoch has recently amassed greater domestic responsibilities at News Corporation, where he now oversees the Fox broadcast channel, regional sports networks and National Geographic channels, among other television assets.

News Corporation has stockpiled cash, the resascii117lt of its abandoned bid to acqascii117ire the portion of the British satellite provider BSkyB that it did not already own. The company closed its fiscal year with $9.6 billion in cash on hand, prompting analysts to predict ascii117pcoming acqascii117isitions.
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