NFL takes 10% stake in Disney's ESPN, which now owns NFL Network
In return for the equity stake valued at more than $2 billion based on recent valuations of the company, ESPN will take over the NFL's cable properties including the NFL Network and Red Zone, the popular channel that continuously updates fans on the slate of Sunday contests. The NFL Network also has the rights to eight regular season games.
In addition to the sale of NFL Network, the NFL and ESPN are also entering into a second non-binding agreement, under which the NFL will license to ESPN certain NFL content and other intellectual property to be used by NFL Network and other assets.
The deal is a big win for ESPN Chairman Jimmy Pitaro, who took over the Disney unit in 2018 with a mandate to improve the company's relationship with the NFL.
The equity stake comes ahead of ESPN's move into the direct-to-consumer streaming business this fall, which gives consumers the opportunity to purchase the company's sports channels without a cable or satellite TV subscription. NFL Network will also be available on the streaming service.
'This is an exciting day for sports fans,' Pitaro said Tuesday in a statement. 'By combining these NFL media assets with ESPN's reach and innovation, we're creating a premier destination for football fans. Together, ESPN and the NFL are redefining how fans engage with the game — anytime, anywhere. This deal helps fuel ESPN's digital future, laying the foundation for an even more robust offering as we prepare to launch our new direct-to-consumer service.'
The new product is aimed at recapturing sports fans who are forgoing cable and satellite services. ESPN has seen its reach in cable decline from 98 million homes in 2013 to around 72 million as a result of cord-cutting.
ESPN has the broadcast rights to 'Monday Night Football' and two Super Bowl games in the current NFL contract that runs through 2033 but is expected to be reopened in 2029.
The deal with Disney means the NFL's other partners — Fox, NBC, CBS, YouTube and Amazon — will be bidding against an entity that the league has a financial interest in next time the media rights come up.
Lachlan Murdoch, executive chairman of Fox Corp., told Wall Street analysts Tuesday he is not concerned the NFL's partnership with ESPN will impact his network's standing with the league.
'We have a tremendous relationship with the NFL,' Murdoch said. 'We appreciate that they are fans of the broadcast and cable networks, and we look forward to working with them and deepening our relationship with them as we move forward.'
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