Disney's Earnings Report Sheds New Light on the ESPN-NFL Deal

Disney’s Earnings Report Sheds New Light on the ESPN-NFL Deal

by Justin Hermes · February 2, 2026

The Walt Disney Company sent shockwaves across the media landscape last year when CEO Bob Iger announced a new partnership with the National Football League that saw ESPN add even more football to its content portfolio in exchange for a 10% equity stake in the network.

Breaking the deal down, Disney essentially acquired NFL Network, the NFL RedZone IP, distribution rights to the NFL RedZone Channel, and additional NFL game inventory.

NFL

For its part, the NFL shed its media holdings while acquiring a 10% stake in the largest sports network on the planet.

It was a massive deal, and one that will have ramifications for years to come.

Disney Can Buy Back the NFL’s Stake

As part of Disney’s Fiscal Year 2026 Q1 earnings report this morning, we’ve learned more about the details of the Disney–NFL agreement.

NFL

Just hours after NFL owners voted to approve the deal, Disney revealed that it will have the option to reacquire the league’s stake in ESPN after July 2034. The buyback would be structured as a 10-year note at 70 percent of the then–fair market value of the NFL’s portion of ESPN.

The NFL Can Purchase More of ESPN

The NFL, on the other hand, will have the option to purchase an additional 4% stake in ESPN under similar parameters.

Photo: ESPN

Finally, according to the earnings report, ESPN is now valued at $30 billion.

Between the upcoming launch of ESPN’s direct-to-consumer app, the expanding slate of media rights secured by the Worldwide Leader, and the NFL’s vested interest in the network, the future of the brand looks bright.