Rupert Murdoch-owned media
conglomerate News Corp has completed the
acquisition of ESPN Star Sports, an equal
joint venture company that it had formed
16 years back with Walt Disney's ESPN to
rule sports broadcasting in Asia.
The acquisition is made through a wholly
owned subsidiary. With this, ESS becomes
a wholly owned subsidiary of News Corp.
News Corp had in June announced that it
will buyout ESPN's 50 per cent stake in ESS
to become the sole owner of the sports
network.
"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 India, the deal was earlier cleared by
India's anti-competition watch dog
Competition Commission of India.
ESS has footprint across 24 countries in Asia
through its 25 television networks and
three broadband networks. It has offices in
China, Hong Kong, India, Malaysia, Taiwan
and Singapore, and employs more than 650
employees across the region.
The buyout marks the exit of ESPN from
the Asian market. The global sports
broadcaster, however, remains present in
Asia through its digital media products
which include ESPNcricinfo, ESPNFC,
ESPNscrum and mobileESPN.
http://www.indiantelevision.com/headlines/y2k12/nov/nov80.php
conglomerate News Corp has completed the
acquisition of ESPN Star Sports, an equal
joint venture company that it had formed
16 years back with Walt Disney's ESPN to
rule sports broadcasting in Asia.
The acquisition is made through a wholly
owned subsidiary. With this, ESS becomes
a wholly owned subsidiary of News Corp.
News Corp had in June announced that it
will buyout ESPN's 50 per cent stake in ESS
to become the sole owner of the sports
network.
"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 India, the deal was earlier cleared by
India's anti-competition watch dog
Competition Commission of India.
ESS has footprint across 24 countries in Asia
through its 25 television networks and
three broadband networks. It has offices in
China, Hong Kong, India, Malaysia, Taiwan
and Singapore, and employs more than 650
employees across the region.
The buyout marks the exit of ESPN from
the Asian market. The global sports
broadcaster, however, remains present in
Asia through its digital media products
which include ESPNcricinfo, ESPNFC,
ESPNscrum and mobileESPN.
http://www.indiantelevision.com/headlines/y2k12/nov/nov80.php