Walt Disney’s ESPN agreed to acquire NFL Network, NFL Fantasy and the rights to distribute the NFL RedZone cable channel from the National Football League. In exchange, the league will receive a 10% equity stake in ESPN, a holding analysts value at roughly $2 billion to $3 billion. The transaction, described by both parties as a landmark partnership, is subject to regulatory approvals and a final contract. ESPN will integrate NFL Network into its portfolio of linear and digital channels, while the NFL retains ownership of NFL Films, NFL+, and digital distribution of RedZone. The equity swap deepens a decades-long relationship between the most-watched U.S. sports league and its largest media partner, giving the NFL a direct seat in ESPN’s future strategy and handing Disney broader control over football programming. The deal also extends ESPN’s rights to air the NFL Draft and allows the network to add league content across its platforms. Disney said the additional programming will bolster a stand-alone ESPN streaming service that debuts 21 August. The direct-to-consumer product will cost $29.99 a month, or $35.99 when bundled with Disney+ and Hulu, and will carry all ESPN linear networks plus the newly acquired NFL channels. Disney shares rose about 2.7% in pre-market trading after the announcements.