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Investing.com-- Walt Disney-owned ESPN and the National Football League said on Tuesday that they had entered an agreement under which ESPN will purchase NFL Network and other media assets from the league in exchange for a 10% equity stake in ESPN.
The two also entered a secondary agreement under which the NFL will license certain content and intellectual property to ESPN, they said in a statement. No financial terms of the agreement were disclosed.
ESPN said it plans to fully integrate the NFL Network into its upcoming direct-to-consumer service. NFL Network is a paid television network owned and operated by the league.
ESPN will also obtain the rights to NFL’s RedZone brand and NFL Fantasy Football. The sports channel will also license an additional three NFL games per season to air on the NFL Network.
The deal comes after several recent reports said that talks between ESPN and the NFL were progressing after roughly four years of discussions.
The move is likely to bolster ESPN’s content library as Disney (NYSE:DIS) prepares to launch a new sports streaming service, ESPN, which provides access to all ESPN networks.