News Corp buys out ESPN in ESPN Star Sports JV
08 November 2012
Rupert Murdoch's News Corporation has completed the acquisition of Walt Disney-owned ESPN's 50-per cent stake in their sports broadcasting joint venture ESPN Star Sports (ESS). News Corp made the acquisition through a wholly owned subsidiary.
ESS was an equal joint venture between two of the world's leading cable and satellite broadcasters - Walt Disney (ESPN) and News Corporation.
In June, News Corporation had signed a definitive agreement to buy ESPN's stake in ESS. Upon closing the acquisition, ESS is now a wholly owned subsidiary of News Corporation.
"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," the company said in a release issued today.
The deal has already been approved in India with the Competition Commission of India (CCI) clearing it.
The buyout marks the exit of ESPN from the Asian market. The global sports broadcaster, however, will continue to have a presence in Asia through its digital media products such as ESPNcricinfo, ESPNFC, ESPNscrum and mobileESPN.