By Shahmir Ahmed and Víctor Varela (Bocconi University); Aaryan Kochhar, Lachlan Thomas, Omid Alizadah (Monash University) Photo: Ryan (Unsplash) Overview of the deal Acquirer: ESPN, Inc. (Subsidiary of The Walt Disney Company and Hearst Communications) Target: NFL Network, NFL RedZone channel, and NFL Fantasy Implied Equity Value: $3.0 billion Total Transaction Size: $3.0 billion Closed date: Q1 2026 (Specifically, February 2026) Target advisor: Cravath, Swaine & Moore LLP;