 "News Corp to buy ESPN's 50% stake in ESPN STAR Sports")
Rupert Murdoch owned News Corporation and ESPN today announced that they have entered into a definitive agreement under which a unit of News Corporation will buy ESPN’s 50 percent equity interest in ESPN STAR Sports (ESS).
The transaction will allow News Corporation units to own and operate all of the ESS businesses while providing ESPN more independence and flexibility in future support of The Walt Disney Company’s overall efforts in Asia, according to a press release.
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The transaction is subject to customary regulatory approvals and ESS will continue to be jointly managed by the two companies until the transaction closes.
“News Corporation’s acquisition of the interest of ESS that we did not already own continues the program of simplifying our operating model, consolidating our affiliate ownership structures, and furthers our commitment to delivering incredible sports programming to consumers across the globe, and particularly enhancing our position in sports programming in emerging markets,” said James Murdoch, Deputy Chief Operating Officer and Chairman & CEO International, News Corporation.
“After 16 years jointly managing ESS, we have decided to independently pursue future opportunities in Asia,” said John Skipper, President of ESPN and Co-Chairman, Disney Media Networks.
Impact Shorts
More Shorts“We are extremely proud of our role in building ESS into what it is today, and now with the growing digital landscape in Asia, we look forward to continuing to serve Asian sports fans through ESPN-branded digital businesses like ESPNCricinfo, the leading digital cricket brand in the world, ESPNFC and ESPN Mobile.”
News Corporation and ESPN also announced that Manu Sawhney, Managing Director of ESS, who has led ESS through significant growth over the last 16 years, will transition his role of Managing Director to Peter Hutton, currently SVP of Sports for FOX International Channels (FIC).
Hutton will report to the ESS Board. Sawhney will be staying with the Company until August 31 to work with Hutton on a smooth transition.
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