Newscorp buys out ESPN stake in ESPN STAR Sports

News Corporation and ESPN today announced that News Corporation, through a wholly owned subsidiary, completed its acquisition of ESPN’s partnership interest in ESPN STAR Sports (ESS) pursuant to their agreement announced on 6 June 2012. Upon the closing of the acquisition, ESS became a wholly-owned subsidiary of News Corporation, according to a News Corp press statement. [caption id=“attachment_520173” align=“alignleft” width=“380”]  AP[/caption] Earlier, in June 2012, Newscorp had announced their interest and intention on this acquisition. “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,” said a press release on 6 June. In April 2012, STAR India had made a winning bid for India cricket rights. “Star TV will pay about 400 million rupees (about $7.9 million) on average for each match, compared with the 322.5 million rupees (about $6.3 million) paid by previous rights holders Nimbus,” said _Reuters_. STAR’s bid, at that time, was assessed to be based on a rumoured intention to buy out the unowned stake in ESPN Star Sports and on their confidence that the TRAI’s digitisation plan would be on track — a punt that has not been misplaced, with the four metros more or less on stream.