News Corp has bought a 49-percent stake in YES Network.
Rupert Murdoch's company finalized the deal Tuesday with the Yankees' regional cable sports channel.
The Yankees will receive $500 million for agreeing to the transaction.
The agreement valued the network at $3 billion.
In three years, News Corp will decide whether or not it will increase its stake.
YES is currently owned by the Yankees, Goldman Sachs, Providence Equity and NJ Holdings.
The Bronx Bombers also committed to stay with the YES Network through 2042, pending Major League Baseball approval.