ESPN closes NFL Network deal; NFL takes a 10% stake in ESPN

ESPN acquired NFL Network and certain other media assets from the NFL, effective January 31, 2026, in exchange for a 10% noncontrolling interest in ESPN. Disney now holds an effective 72% of ESPN, Hearst holds 18% and the NFL holds 10%. Management expects the deal to dilute fiscal 2026 adjusted EPS by about $0.03 through the higher noncontrolling interest.

• Effective date January 31, 2026; ESPN gets NFL Network and related assets
• ESPN ownership: Disney about 72%, Hearst 18%, NFL 10%
• Expected to be about $0.03 dilutive to fiscal 2026 adjusted EPS
• Fiscal Q2 2026 included a $115M non-cash tax charge ($0.05 per share), excluded from adjusted EPS