Yankee stake sale could value team at $12B
episodeTranscript
jump: chapters · speakers · find in transcriptTranscript
Transcript generated automatically by AI and may contain errors.
What is the Yankees‑Apollo deal and how does it value the franchise?
Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis. Good afternoon. Today is Monday, September twenty first, and I'm your host, Kim Khan. Our top story so far. The New York Yankees are closing in on a deal that would give Apollo Global Management a sixteen percent economic stake in the franchise and value the team at more than twelve billion dollars, according to the New York Post.
How are the ownership percentages structured and what exceptions might MLB grant?
The Steinbrenner family would remain firmly in control with ownership of slightly more than sixty percent. Its stake would be diluted by no more than three percent, while Apollo would become a few. Apollo would initially acquire an 8% stake and receive preferred shares that could convert into an additional 8% after four years. Major League Baseball limits private equity firms to 15% ownership of a team, though the league is expected to grant an exception. The $2.6 billion investment combines debt and equity financing. It's said to include Yankee Global Enterprises, which has interests in the Yes network. Mark, Legends Hospitality, and AC Milan.
Why is HP under pressure and what does its industry forecast mean for investors?
Among active stocks, HP is under pressure after the PC and printer giant said it believes the computer industry will decline mid single digits next year. Paramount Skydance is discussing a one point five billion dollar investment in movie and television production in California as part of potential concessions aimed at resolving the legal challenge to its proposed acquisition of Warner Brothers Discovery, the Wall Street Journal reported. CNN also reported that Paramount is in advance talks with other state attorneys general for a resolution, though not all the state AGs are on board. Both Paramount and Warner are higher. And Novo Nordisk shares are lower after its diversification plans at its capital market stay in London drew skepticism and it outlined revenue goals in line with industry peers.
In other news of note, CNN, MSNL, and Politico are suing President Donald Trump over his decision to ban their reporters from the White House, citing First Amendment violations. This ban could not be a more direct assault on the First Amendment, nor a more blatant violation of our most fundamental constitutional principles, the lawsuit said. Trump, in announcing the ban on Friday, accused the outlets of writing lies about him and warned other outlets would follow.
What are the First Amendment implications of the lawsuit against former President Trump?
And in the Wall Street Research Corner, bond market volatility is again becoming an important driver of stocks, with the relationship between the B of A Move Index and the SP five hundred turning more negative as Treasury volatility rises. That's according to the Coby SE letter. The 30-day correlation between the Move Index and the SP has fallen to negative 0.58, its most negative reading since mid-June. A more negative reading means bond volatility in stocks have been moving more consistently in opposite directions. The Move Index, often called the VIX of Bonds, measures yield volatility across two-year, five-year, ten-year, and thirty-year US treasuries. Rapid increases in bond volatility are now translating.
into larger declines in stock prices. That's all for today's Wall Street Lunch.
How is bond‑market volatility influencing stock performance today?
Look for links for stories in the show notes section. Don't forget, these episodes will be up with transcriptions at seekingalpha.com slash WSB. Enjoying the highest level discussion of any stock or ETF with our community of serious investors like you. Find us at seeking alpha dot com slash subscriptions.
No segments match your search.
Select any passage to copy it with its citation or turn it into a shareable card.
Chapters
5 chapters
1
What is the Yankees‑Apollo deal and how does it value the franchise?
0:02–0:27
2
How are the ownership percentages structured and what exceptions might MLB grant?
0:27–1:04
3
Why is HP under pressure and what does its industry forecast mean for investors?
1:04–2:13
4
What are the First Amendment implications of the lawsuit against former President Trump?
2:13–2:58
5
How is bond‑market volatility influencing stock performance today?
2:58–3:15