Do you have a cite for this? I see a NY Times article from 2008 that says that YES has $400 million in revenue (not net) and that the Yankees own 38% of YES. http://money.cnn.com/2007/08/01/news/companies/yes_sale.fortune/index.htm This older article says 36%. Tough to know for sure since it isn't completely disclosed and there may have been some movement between the partners, especially the Yankees increasing their ownership from Goldman. I have seen some projections of YES for 2010 having 440+ million in Revs and about 190+ million in cash flow. A fair estimate of fees paid to the Yankees from the YES Network could be up to 50% of expenses or $125 million. A range of $100-125 is probably a decent estimate since they do pay for other rights. That's $175-200 million in attributed TV cash flow to the Yanks. Not only do the Yankees have a higher payroll of $200 million, they earn by far the most profit. There likely isn't enough revenue in Milwaukee and Wisconsin to support a stand alone network. Fox understands the break point for any market of starting their own and pays a license fee accordingly. There are a great deal of expenses involved and efficiencies from having a national network that Fox can take advantage of. That's also why The Big Ten partnered with Fox for the BTN, they couldn't have launched it without them. Only the largest and most unique markets could overcome that overhead and market clout, like New York with YES. It would take a j.v. between the Brewers, Bucks and probably a Time Warner to get it done. If it was that easy, you'd see it in larger markets first.