We establish the relationship between the cohomology of a certain sheaf on the intersection lattice of a hyperplane arrangement introduced by Yuzvinsky and the cohomology of the coherent sheaf on punctured affine space, respectively projective space associated to the module of logarithmic vector fields along the arrangement. Our main result gives a Künneth formula connecting the cohomology theories, answering a question by Yoshinaga. This, in turn, provides a characterization of the projective dimension of the module of logarithmic vector fields and yields a new proof of Yuzvinsky's freeness criterion. Furthermore, our approach affords a new formulation of Terao's freeness conjecture and a more general problem.