It marks the end of a company which promised to transform sports media rights when it first formed in 1999.
Its creation led to the launch of a separate television network dedicated principally to coverage of baseball team the New York Yankees.
Following the deal, YankeeNets LLC will change its name to Yankee Global Enterprises – and remain under the ownership of the club.
The Nets will be sold to Brooklyn Basketball.
The holding in the Devils will shift to an entity controlled by Lewis Katz and Ray Chambers.
The break-up of the conglomerate will be complete once final approval is granted from the NHL, NBA and Major League Basketball.
