YANKEENETS TAKING STOCK OF ITS FUTURE? IS SCHILLER INVOLVED?

          The merged YankeeNets operation is "already exploring
     the possibility" of an IPO, according to Philip Lentz of
     CRAIN'S N.Y. BUSINESS, who reported that the teams'
     investment adviser, Allen & Co., "envisions the new company
     becoming a sports and entertainment powerhouse that would
     use its financial might to acquire or start other sports
     franchises and possibly move into other entertainment
     fields."  Lentz cited sources that speculated on a possible
     YankeeNets bid for the Jets.  Allen & Co. "project" that
     YankeeNets could have $600M in total revenue within six
     years, "assuming a lucrative new cable television deal for
     both the Yankees and the Nets and new arenas for both." 
     Lentz: "This is more than double the combined 1998 revenues
     of the teams."  Lentz also cited sources as saying that
     YankeeNets CEO is "expected to be" Turner Sports President
     Harvey Schiller and the COO "will likely be" Nets co-Owner
     Finn Wentworth.  Lentz reported that the document "prepared
     for the merger" had the revenues for the two teams totaling
     $234M last year, and of that amount, $20.4M was "operating
     profit" (CRAIN'S N.Y. BUSINESS, 9/20 issue). After the
     CRAIN's report, the WALL STREET JOURNAL'S Sam Walker cites a
     source close to the Yankees as saying that YankeeNets is
     "moving ahead with a plan to secure financing" for an IPO
     (WALL STREET JOURNAL, 9/20). In N.Y., Richard Wilner
     reported that the YankeeNets merger "received approval" from
     the NBA and is "awaiting" a decision from MLB.  He adds that
     an IPO could "be seen as early as mid-2000" (N.Y. POST,
     9/18). In N.Y., Cyphers, Grant & Siemaszko report that the
     $225M merger deal "could be announced as early as tomorrow." 
     Yankees Owner George Steinbrenner spokesperson Howard
     Rubenstein: "It's very close" (N.Y. DAILY NEWS, 9/21). 
     FSN's Keith Olbermann, on an IPO: "This is not an offering
     which can be made only by prospectus.  Previous success is
     not a guarantee of future profits.  Member F.D.I.C. Derek
     Jeter could break both legs and this whole thing could go up
     like a tinder box" ("Primetime," FSN, 9/20).
          EVERYTIME HE'S OUT, THEY PULL HIM BACK IN: USA TODAY's
     Rudy Martzke reported that Schiller would earn $2M as head
     of YankeeNets.  But Schiller said that he will stay at
     Turner: "This is where I belong" (USA TODAY, 9/20).