Rupert Murdoch-owned News Corporation on Thursday said it has completed the acquisition of ESPN’s 50 per cent stake in their sports broadcasting joint venture -- ESPN Star Sports (ESS). This acquisition has been made through a wholly-owned subsidiary.
News Corporation had announced in June 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 closing of the acquisition, ESS became a wholly-owned subsidiary of News Corporation.