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Wednesday
May 4, 2005
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Finance

Cash Is King: YES Investors Taking In Cash From Debt Deal

YES Network investors "will receive hundreds of millions of dollars in dividends as part of a $700[M] debt transaction orchestrated by" the network's bankers, GE and Bank of America, according to sources cited by Daniel Kaplan of SPORTSBUSINESS JOURNAL. Sources said that Goldman Sachs and Providence Equity, the network's two principal investors, received "about as much as they originally invested four years ago" as part of the debt transaction. Despite rumors that Goldman Sachs and Providence Equity "would sell their shares, they are remaining as" 40% owners. Investment bankers said that private equity funds "typically expect to return at least twice their investment within five years," and Goldman Sachs and Providence Equity "are not close to that" (SPORTSBUSINESS JOURNAL, 5/2 issue).
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