The latest from ESPN and NFL: ESPN to buy Yahoo for $45 billion
Fox Sports, which owns ESPN, announced Thursday that it is buying Yahoo for about $45.4 billion.
The deal is expected to close in the second half of the year.
Yahoo, which was founded in 1999, was a leading news, entertainment, and social media platform that offered its users the ability to create, search and share content across the web and on mobile devices.
The news, sports and entertainment brands will be combined under the name Yahoo Sports and the assets will be sold to Fox Networks Group.
The new combined entity will be led by chairman and chief executive officer Andrew Ross Sorkin.
Fox Networks is a division of 21st Century Fox, the parent company of Fox News Channel and Fox Business Network.
The combined entity’s first executive chairman will be Jeff Zucker, who was executive vice president of operations and global business development at Yahoo from 2013 to 2016.
ESPN, the world’s most-watched sports network, will continue to be a unit of Turner Broadcasting System, while Fox Sports will continue as the exclusive U.S. television home of the NFL Network.
ESPN is the most-popular sports network in the U.K., while the NFL is the top-rated and most-viewed sport in the world.
The company is also the largest and most recognizable sports broadcaster in the United States, with nearly one in five households.
The sale of Yahoo will also lead to the creation of a new global media and entertainment company, which will focus on digital platforms.