CBS Acquires Majority Stake in the New York Yankees

Name: CBS Acquires Majority Stake in the New York Yankees
Start: 1964-11-02
Location: Unspecified

The Historic CBS Acquisition of the New York Yankees

CBS Buys 80% of the Yankees

On February 26, 1964, the Columbia Broadcasting System (CBS) made waves in the sports industry by purchasing an 80% share of the New York Yankees Baseball Club for a staggering $11.2 million. This bold move highlighted the growing intersection of media and sports, paving the way for future earnings and broadcasting rights in the world of baseball.

The Impact of CBS on the Yankees

This acquisition was not merely a financial transaction; it marked a profound transformation for the franchise. CBS envisioned using the Yankees as a flagship program to enhance their television ratings, bringing the game into living rooms across America. The deal also ensured that the Yankees were positioned prominently within American sports culture.

The Full Acquisition of the Yankees

CBS Completes Its Ownership

Over the next few years, CBS expanded its influence by purchasing the remaining stake in the Yankees. By 1973, CBS owned the team outright, highlighting a trend of corporate ownership in sports franchises. This shift not only changed how teams were managed but also altered fan experiences, as media conglomerates began to prioritize commercial success.

The Legacy of CBS and the Yankees

Under CBS's ownership, the Yankees experienced ups and downs, struggling at times but also enjoying incredible success on the field, including winning the 1977 and 1978 World Series. This era remains a significant chapter in the Yankees' storied history and exemplifies the shifting dynamics of professional sports management.

Fun Fact

The Yankees' TV Revolution

The partnership between CBS and the Yankees played a pivotal role in the development of sports broadcasting, proving that a successful team could significantly boost a network's viewer ratings.