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PRIOR TO YANKEENETS In 1998, the Yankees had their most successful season in modern history, winning 125 games and the World Series . The team was in discussions to be sold to Cablevision , who at the time owned the broadcast rights to every MLB , NBA and NHL team in the New York City Metropolitan area. The proposed deal fell through because the two sides could not agree on an agreement that would include current owner George Steinbrenner continuing to run the team for the new owners. MERGER WITH THE NETS After the proposed sale of the New York Yankees to Cablevision fell through, the Yankees and Nets agreed to merge business operations, creating a combined holding company. This was done to increase the negotiating power of both teams for future television contracts and stadium and arena construction deals. The pre-merger owners would continue to control their teams, with a minority interest in the other team. This arrangement was appoved by both Major League Baseball and the NBA. MARKETING AGREEMENTS YankeeNets engaged in marketing agreements with the New York Giants football team and the British football powerhouse Manchester United , which has resulted in exclusive Giants and Manchester United programming on the YES Network . ACQUISITION OF THE DEVILS YankeeNets created an affiliate, Puck Holdings, which purchased the New Jersey Devils Ice Hockey team, to have relationships in all major league professional sports, and to give better leverage to the Nets in constructing a new arena in Newark, New Jersey. BROADCAST NEGOTIATIONS With the Yankees television contract with Cablevision expiring in 2001 and the Nets contract expiring after the 2001-2002 season, the teams negotiated together with potential cable partners for the next contract. They spoke to Cablevision about remaining on their networks, or creating a new network with them. Cablevision offered to pair both teams on their Fox Sports Net New York affiliate. They also spoke to other cable compaines, including Time Warner about launching a new network with them. In the end, YankeeNets decided to pair with financial company Goldman Sachs to launch their own regional sports network. The YES Network launched in March 2002, in preparation of the upcoming baseball season. THE BREAKUP OF YANKEENETS In 2003, reports leaked that the Yankees and Nets sides of the organization were in disagreement with each other. The Yankee ownership did not want any part in paying for an arena for the Nets and Devils, as the teams were money losers. This led to the Nets being sold to Bruce Ratner , who intends to move the team to Brooklyn, New York and the Devils being sold to businessman Jeffrey Vanderbeek , who has agreed to move the franchise to a new arena in Newark, that was originally proposed by the previous Nets ownership. Since the breakup, the Devils extended their television contract with Cablevision , ending the speculation that they would move to YES once their initial contract expired after the 2006-07 hockey season. NAME CHANGE In 2004, with the exodus of the Nets and Devils complete, the company changed its name to Yankee Global Enterprises LLC, keeping the Yankees and the YES Network as separate entites owned by the same company. SEE ALSO EXTERNAL LINKS |
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