News Corp. (NASDAQ:NWSA) said on Wednesday that it will purchase Walt Disney‘s (NYSE:DIS) stake in the ESPN Star Sports network. The network, which delivers sports-related programing to 24 countries across Asia, was an equally owned joint venture between the two media companies, ABC News notes.
Shares of both News Corp. and Disney ticked up more than 1% in early Thursday trading.
Under the terms of the deal, News Corp. will continue to operate the sports network under the ESPN name. Financial details weren’t disclosed.
Disney’s ESPN will continue to operate other sports networks in the Asian market, including ESPN Mobile, ESPNCricinfo and ESPNFC.
The deal will have to receive clearance from regulators.