M&A Deal Summary

RedBird Capital Partners, Mubadala Capital, Yankee Global Enterprises and Sinclair Broadcast Group Acquire YES Network

On August 29, 2019, private equity firm RedBird Capital Partners, sovereign wealth fund Mubadala Capital, Yankee Global Enterprises and Sinclair Broadcast Group acquired media company YES Network from Providence Equity Partners, News Corp, 21st Century Fox and Yankee Global Enterprises for 3.5B USD

Acquisition Highlights
  • This is RedBird Capital Partners’ 2nd, Mubadala Capital’s 1st, Yankee Global Enterprises’ 2nd and Sinclair Broadcast Group’s 8th transaction in the Media sector.
  • This is RedBird Capital Partners’ , Mubadala Capital’s 3rd, Yankee Global Enterprises’ and Sinclair Broadcast Group’s 2nd largest (disclosed) transaction.
  • This is RedBird Capital Partners’ 18th, Mubadala Capital’s 2nd, Yankee Global Enterprises’ 2nd and Sinclair Broadcast Group’s 11th transaction in the United States.
  • This is RedBird Capital Partners’ 4th, Mubadala Capital’s 1st, Yankee Global Enterprises’ 2nd and Sinclair Broadcast Group’s 2nd transaction in New York.

M&A Deal Summary

Date 2019-08-29
Target YES Network
Sector Media
Buyer(s) RedBird Capital Partners
Mubadala Capital
Yankee Global Enterprises
Sinclair Broadcast Group
Sellers(s) Providence Equity Partners
News Corp
21st Century Fox
Yankee Global Enterprises
Deal Type Divestiture
Deal Value 3.5B USD

Target

YES Network

New York, New York, United States
website
YES Network is a 24/7 sports and entertainment television network featuring the New York Yankees. YES also broadcasts the New Jersey Nets and other professional and collegiate sports teams as well as classic sports footage and sports-related content. YES Network was founded in 2002 and is based in New York City.

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Buyer(S) 4

Buyer
DESCRIPTION

RedBird Capital Partners is a private equity firm focused on investing in growth-oriented companies in the business services, financial services, sports/leisure/hospitality, and media/entertainment sectors. RedBird will consider opportunities throughout North America and has a particular interest in businesses at an inflection point with proven business models, strong management, and little debt. RedBird Capital Partners was formed in 2014 and is based in New York, New York.


DEAL STATS #
Overall 19 of 42
Sector (Media) 2 of 12
Type (Divestiture) 5 of 5
State (New York) 4 of 8
Country (United States) 18 of 36
Year (2019) 4 of 6
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-15 Vida Capital

Austin, Texas, United States

Vida Capital is an alternative asset management platform specializing in non-correlated investment strategies. Vida specializes in structuring, servicing, financing, and management of life settlements, asset-backed loans, annuities, and structured settlements. Vida Capital was founded in 2009 and is based in Austin, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-05 Skydance Media

Santa Monica, California, United States

Skydance Media is a diversified media company provides elevated, event-level entertainment for global audiences. Skydance produces content across its feature film, television, interactive and animation divisions. Skydance Media was established in 2010 and is based in Santa Monica, California.

Buy -
Buyer

Mubadala Capital

Investor

website


Category Sovereign Wealth Fund
Founded 2002
PE ASSETS 276.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Mubadala Capital is a private equity firm focused on investing capital across a range of assets worldwide. The Firm primarily invests in private and public assets, but also considers credit, real estate, and alternatives. Mubadala invests in a variety of sectors including industrials, healthcare, energy, renewables, financial services, infrastructure, and business services. Mubadala Capital was founded in 2008 and is headquartered in Abu Dhabi, United Arab Emirates.


DEAL STATS #
Overall 9 of 41
Sector (Media) 1 of 1
Type (Divestiture) 1 of 2
State (New York) 1 of 1
Country (United States) 2 of 12
Year (2019) 1 of 2
Size (of disclosed) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-08 CEPSA

Madrid, Spain

CEPSA is a Spanish multinational oil and gas company. CEPSA is engaged in petroleum and natural gas exploration and production, with interest in several blocks across four countries: Spain, Algeria, Colombia, and Peru.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-10 Looping

Saint-Malo, France

Looping is a pan-European leisure park operator that owns and operates 18 local and regional leisure parks, including theme parks, waterparks, wildlife parks, and aquariums, attracting over six million visitors a year. The group’s parks span eight European countries, including France, the UK, Spain, Switzerland, the Netherlands, Croatia, Germany, and Portugal. Looping was founded in 2011 and is based in Saint-Malo, France.

Buy -
Buyer

Yankee Global Enterprises

Morristown, New Jersey, United States

Category Company
Founded 1999
Sector Media
DESCRIPTION

Yankee Global Enterprises LLC, a mass media company.


DEAL STATS #
Overall 2 of 2
Sector (Media) 2 of 2
Type (Divestiture) 1 of 1
State (New York) 2 of 2
Country (United States) 2 of 2
Year (2019) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-20 YES Network

New York, New York, United States

YES Network is a 24/7 sports and entertainment television network featuring the New York Yankees. YES also broadcasts the New Jersey Nets and other professional and collegiate sports teams as well as classic sports footage and sports-related content. YES Network was founded in 2002 and is based in New York City.

Buy -
Buyer

Sinclair Broadcast Group

Hunt Valley, Maryland, United States

website


Category Company
Founded 1986
Sector Media
Employees11,600
Revenue 3.9B USD (2022)
DESCRIPTION

Sinclair Broadcast Group is a television broadcasting company, owns or provides programming, operating, or sales services to television stations in the United States. Sinclair Broadcast Group was founded in 1986 and is based in Hunt Valley, Maryland.


DEAL STATS #
Overall 11 of 11
Sector (Media) 8 of 8
Type (Divestiture) 3 of 3
State (New York) 2 of 2
Country (United States) 11 of 11
Year (2019) 2 of 2
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-03 The Walt Disney Company - 21 Regional Sports Networks & Fox College Sports

Burbank, California, United States

The Walt Disney Company - 21 Regional Sports Networks & Fox College Sports is the largest collection of RSNs in the marketplace today, with an extensive footprint that includes exclusive local rights to 42 professional teams consisting of 14 Major League Baseball (MLB) teams, 16 National Basketball Association (NBA) teams, and 12 National Hockey League (NHL) teams.

Buy $10.6B

Seller(S) 4

SELLER

Providence Equity Partners

Providence, Rhode Island, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1989
PE ASSETS 36.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Providence Equity Partners is a specialist private equity firm that targets investments in media, entertainment, communications, and information companies. Specifically, Providence seeks investments in wireless and wireline telephony, cable television content and distribution, music, film, publishing, radio and television broadcasting, and other media and communications sectors. Providence Equity looks to commit $150 million to $800 million of equity capital in transactions ranging from growth financings and recapitalizations, to buyouts and take-privates. Providence Equity Partners was formed in 1989 and has offices in Providence, Rhode Island; New York, New York; Los Angeles, California; London, United Kingdom; Hong Kong, China; and New Delhi, India.


DEAL STATS #
Overall 75 of 98
Sector (Media) 20 of 21
Type (Divestiture) 5 of 5
State (New York) 7 of 9
Country (United States) 48 of 67
Year (2019) 4 of 7
Size (of disclosed) 7 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-02 OEC

Richfield, Ohio, United States

OEC is a global automotive technology provider for OEM distribution networks. OEC's suite of eCommerce, pricing, supply chain, service, business intelligence, parts cataloging, data solutions, and services helps automakers and their dealer networks sell more OE parts in the collision, fleet, mechanical and retail segments, as well as dealers’ own service lanes. OEC was founded in 2000 and is based in Richfield, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-04 TimeClock Plus

San Angelo, Texas, United States

TimeClock Plus is a provider of workforce software management and time and labor solutions. TimeClock Plus is based in San Angelo, Texas.

Buy -
SELLER

News Corp

New York, New York, United States

website


Category Company
Founded 2012
Sector Media
Employees25,500
Revenue 10.4B USD (2022)
DESCRIPTION

News Corp is a diversified international media and entertainment company with operations in eight industry segments: filmed entertainment; television; cable network programming; direct broadcast satellite television; magazines and inserts; newspapers; book publishing; and other. The activities of News Corporation are conducted principally in the United States, Continental Europe, the United Kingdom, Australia, Asia and the Pacific Basin. News Corp was formed in 2012 and is based in New York City.


DEAL STATS #
Overall 9 of 10
Sector (Media) 1 of 1
Type (Divestiture) 5 of 6
State (New York) 2 of 3
Country (United States) 7 of 8
Year (2019) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-13 ballball.com

Singapore

ballball.com is one of the major football video platforms in South-East Asia. The platform distributes an unprecedented collection of short-form highlights from European and other top football leagues to the region generating 800 million video views during the 2017-18 football season.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-31 News America Marketing

New York, New York, United States

News America Marketing is a marketing services company that provides advertising and promotion programs to well-known brands, and its broad network of shopper media, incentive platforms and custom merchandising services influences the purchasing decisions of online and offline shoppers across the U.S. and Canada. News America Marketing is based in New York City.

Sell -
SELLER

21st Century Fox

New York, New York, United States

website


Category Company
Founded 1922
Sector Media
Employees21,700
Revenue 29.0B USD (2015)
DESCRIPTION

Twenty-First Century Fox, Inc. is a premier portfolio of cable, broadcast, film, pay TV and satellite assets spanning six continents across the globe. Reaching nearly 1.5 billion subscribers in more than 100 local languages every day, 21st Century Fox is home to a global portfolio of cable and broadcasting networks and properties, including FOX, FX, FXX, FXM, FS1, Fox News Channel, Fox Business Network, Fox Sports, Fox Sports Network, National Geographic Channels, MundoFox, STAR, 28 local television stations in the U.S. and more than 300 channels that comprise Fox International Channels; film studio Twentieth Century Fox Film; and television production studios Twentieth Century Fox Television and Shine Group.


DEAL STATS #
Overall 1 of 2
Sector (Media) 1 of 2
Type (Divestiture) 1 of 1
State (New York) 1 of 1
Country (United States) 1 of 1
Year (2019) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-17 True[X] Media

Los Angeles, California, United States

True[X] Media, Inc., media delivers effective advertising for on-demand, interactive media. True[X] believe that ads should be enabling rather than interruptive, and have built the definitive engagement advertising system around our core product of true[ATTENTION], which delivers on the promise of “zero waste” advertising. true[X] media provides the best advertising experience for consumers, the best monetization for premium publishers and the best return for brand advertisers.

Buy $200M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-26 Endemol Shine Group

Amsterdam, Netherlands

Endemol Shine Group is an international television production and distribution group with 27 production companies across 11 countries creating scripted and non-scripted content in the global marketplace. Endemol Shine Group is based in Amsterdam, the Netherlands.

Sell $2.2B
SELLER

Yankee Global Enterprises

Morristown, New Jersey, United States

Category Company
Founded 1999
Sector Media
DESCRIPTION

Yankee Global Enterprises LLC, a mass media company.


DEAL STATS #
Overall 1 of 1
Sector (Media) 1 of 1
Type (Divestiture) 1 of 1
State (New York) 1 of 1
Country (United States) 1 of 1
Year (2019) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-20 YES Network

New York, New York, United States

YES Network is a 24/7 sports and entertainment television network featuring the New York Yankees. YES also broadcasts the New Jersey Nets and other professional and collegiate sports teams as well as classic sports footage and sports-related content. YES Network was founded in 2002 and is based in New York City.

Buy -