NEW YORK -- The cable network which carries the New York Yankees' games is for sale, according to a report by Fortune magazine.
The YES Network could be worth $3 billion or more, according to Fortune's calculations, which are based on the network's cash flow and what other regional networks have been worth.
The Yankees own part of the network, along with the investment bank Goldman Sachs & Co. and former New Jersey Nets owner Ray Chambers.
"We're testing the waters with a limited universe of quality buyers," Gerry Cardinale, a Goldman managing director, said. "We would consider selling only if we receive a full and fair price."
The Yankees weren't quite as direct. "Absolutely not," Yankees president Randy Levine said when asked by Fortune if YES was for sale. He did say there was some "testing of the market."
Fortune reports that Goldman and Chambers want to see YES sold, and the Yankees are going along with the deal, which could be completed by the end of the summer.
The Yankees are not currently for sale, though Fortune speculated that the franchise might be next.
Source: ESPN.com
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