Walt Disney Co.’s ESPN and the National Football League have reached a sweeping agreement under which ESPN will acquire NFL Network, the rights to distribute the NFL’s RedZone channel to pay-TV operators, and the league’s fantasy-football business. In return, the NFL will receive a 10 percent equity stake in ESPN, making the league a minority owner of one of its largest broadcast partners. Financial terms were not disclosed, but analysts value ESPN at roughly $25 billion to $30 billion, implying the NFL’s stake is worth about $2.5 billion to $3 billion. The pact deepens ties between the two organisations at a time when sports rights are becoming ever more critical for media platforms seeking to retain live audiences. ESPN intends to fold NFL Network into its forthcoming direct-to-consumer streaming package, scheduled to launch later this year for $29.99 a month. While ESPN will distribute the linear RedZone channel, ownership and digital distribution rights to the popular whip-around service will remain with the league. ESPN also gains broad rights to the RedZone brand, opening the door to creating similar channels for other sports. Programming will be reshuffled as part of the deal: ESPN will license three additional NFL games each season to air on NFL Network, while four contests currently slated for ESPN—including some Monday-night games—will move to the league-owned channel. The transaction is described as non-binding and will require definitive agreements, approval from NFL owners and customary regulatory clearances.