NFL buys 10% stake in ESPN, which buys NFL Network, RedZone
Both companies announced the deal, which also includes the combining of NFL Fantasy Football with ESPN Fantasy Football.
Federal regulators must approve the transaction, a process that could take several months, according to the league. Until the deal closes, fans are unlikely to see any significant changes to ESPN or NFL Network.
"Today's announcement paves the way for the world's leading sports media brand and America's most popular sport to deliver an even more compelling experience for NFL fans, in a way that only ESPN and Disney can," said Robert Iger, chief executive officer of The Walt Disney Company, in a statement.
The NFL will allow ESPN to distribute NFL RedZone, the league's whip-around show for scoring plays on busy Sundays, to pay-television operators.
"Since its launch in 2003, NFL Network has provided millions of fans unprecedented access to the sport they love," NFL commissioner Roger Goodell said in a statement. "The Network's sale to ESPN will build on this remarkable legacy, providing more NFL football for more fans in new and innovative ways."
NFL team owners also must approve the deal, but that is seen as little more than a formality given the expanded reach on offer for NFL programming.
"I think we've hooked up with the best partners we can have," said New England Patriots owner Robert Kraft, chairman of the NFL's media committee.
"That will help expose us to more homes, more of an international audience. Strategically, we have to grow our salary cap and can only do that by -- if we want to keep labor peace, we have to grow our audience. This transaction helps us to do that."
ESPN will adjust its NFL telecast schedule, shifting some telecasts with NFL Network, which will continue to show seven games a season while ESPN expands to 28.
The NFL will continue to operate other media companies such as NFL Films and NFL.com.
The NFL-ESPN deal creates the official season-long fantasy NFL game with greater digital experience and innovation allowing for broader global reach.
Global growth opportunities for the NFL, which already plays games overseas every season, played a key role in motivating the NFL to get terms of the deal sorted.
"We're hooking up with the strongest sports amalgamation of sports product," Kraft said. "We're giving them what I believe is the best content, and they're giving us the greatest operational company to grow our audience globally.
"This is a way for us to broaden our audience. We've done so much. I don't think there's any company like (ESPN owners) Disney and ESPN in doing sports, all sports. We need to expose our product to more people and a greater variety of people."
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