News Corp. (NASDAQ: NWS) has announced an agreement to acquire a 49% equity stake in the Yankees Entertainment and Sports Network (YES). The sports network broadcasts exclusive local television coverage of New York Yankees baseball and Brooklyn Nets basketball. Private equity firms Goldman Sachs and Providence Equity both own minority stakes in the network. A press release from News Corp. disclosed that current owners, including "Goldman Sachs and other investors," will reduce their ownership with the transaction. The media rights agreement is subject to Major League Baseball approval, and the deal is expected to close by the end of the calendar year.