News Corp completes acquisition of ESS
ESPN Star Sports has now become a wholly-owned subsidiary of News Corporation
Rupert Murdoch-owned News Corporation has completed the acquisition of ESPN’s 50 per cent stake in its sports broadcasting joint venture ESPN Star Sports (ESS).
News Corporation had announced in June that it had signed a definitive agreement to buy ESPN's stake in ESS. ESPN is part of the Walt Disney Group.
“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 in June,” the company said in a statement.
The deal had earlier got the nod from the Competition Commission of India.
The statement added that upon the completion of the acquisition, ESS becomes a wholly-owned subsidiary of News Corporation.
