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News Corp. buys ESPN's stake in ESPN Star Sports
ESPN owned a 50% partnership interest in the business
By: Rachel Abrams
Posted On: Nov. 7, 2012
News Corporation has completed its purchase of ESPN's stake in Asian joint venture ESPN Star Sports, ending a 16-year partnership between the two companies.
Financial details of the transaction were not disclosed. ESPN owned a 50% partnership interest in the business.
News Corp. first announced the deal in June. At the time, deputy chief operating officer James Murdoch said the acquisition would "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."
Deal gives News Corp. more control over all of the ESS businesses, while ESPN will enjoy increased independence and flexibility.