(Photo credit: Kirby Lee-Imagn Images)

ESPN and the National Football League on Tuesday formally announced an agreement in which ESPN will acquire NFL Network, the linear NFL RedZone Channel and NFL Fantasy in exchange for a 10 percent equity stake in ESPN.

The deal, pending final approval by NFL owners and other conditions, will bring major NFL media properties under the Disney-owned network and expand ESPN's football offerings across both traditional and streaming platforms.

'Since its launch in 2003, NFL Network has provided millions of fans unprecedented access to the sport they love,' NFL commissioner Roger Goodell said in a statement. 'Whether it was debuting Thursday Night Football, televising the Combine, or telling incredible football stories through original shows and breaking news, NFL Network has delivered. The Network's sale to ESPN will build on this remarkable legacy, providing more NFL football for more fans in new and innovative ways.'

Under the agreement, NFL Network and RedZone will be integrated into ESPN's upcoming direct-to-consumer streaming service while remaining available via cable and satellite. NFL Fantasy would merge with ESPN Fantasy, creating the official season-long fantasy platform of the league.

As part of a second agreement between the sides, ESPN will also gain rights to license three additional NFL games per season, while four games will shift from ESPN to NFL Network.

'This is an exciting day for sports fans,' ESPN chairman Jimmy Pitaro said in a statement. 'By combining these NFL media assets with ESPN's reach and innovation, we're creating a premier destination for football fans. Together, ESPN and the NFL are redefining how fans engage with the game--anytime, anywhere. This deal helps fuel ESPN's digital future, laying the foundation for an even more robust offering as we prepare to launch our new direct-to-consumer service.'

The NFL will retain ownership of key properties including NFL Films, NFL+, NFL.com and the NFL Podcast Network, and will continue producing and distributing the digital version of RedZone independently.

--Field Level Media