News Corp and ESPN on Wednesday announced an agreement under which a unit of the $61 billion global media company will buy the latter's 50 per cent equity stake in ESPN STAR Sports (ESS).
The transaction will allow News Corp 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, a media release said.
"News Corp's acquisition of the interest of ESS that we did not already own continues the programme 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 and CEO International, News Corp.
"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.
"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, ESPNFC and ESPN Mobile," he said.
News Corp and ESPN also announced that Manu Sawhney, managing director of ESS, will leave way for Peter Hutton to take over his responsibilities. Hutton is currently senior vice-president of sports for Fox International Channels.
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