MUMBAI: Rupert-Murdoch controlled News Corporation is gearing up to give ESPN a fight in the US. The company has acquired 49 per cent stake in Yankees Entertainment and Sports Network (Yes), the cable network channel owned by baseball team New York Yankees and its partners.

The Yes Network delivers exclusive live local television coverage of New York Yankees baseball and Brooklyn Nets basketball, as well as other leading local and national sports-related programming. The Yes Network also announced a media rights agreement that will keep Yankees baseball on the Yes Network through 2042.

The media rights agreement is subject to Major League Baseball approval. The investment is expected to close by the end of the calendar year.

Following the stake acquisition, News Corp-owned Fox Sports Media Group will negotiate distribution deals with the operators on behalf of Yes Network as part of a larger package of sports channels which would allow Yes to raise the subscriber fee. However, Fox sports channels will not manage the channel nor will provide local or national sports programming to Yes.

The current owners - Yankee Global Enterprises, Goldman Sachs and other investors - will reduce their ownership in connection with this transaction. After three years, News Corporation may acquire an additional stake in the Yes Network that could bring its ownership to 80 per cent, at which time Yankee Global Enterprises would retain a significant minority stake in the network.

Since its inception in 2002, Yes has grown its footprint to include local availability in New York, Connecticut, New Jersey, and parts of Pennsylvania, as well as national availability on several cable and satellite television distributors. The network currently showcases live Yankees and Nets games to approximately 9 million households in the teams? television territory in the New York area. Outside of the New York area, the Yes Network also distributes a variety of national programming to millions of homes across the country.

"We?ve long been a believer in the unique appeal of sports entertainment. Partnering upstream with rights holders is even more important today in the dynamic media marketplace in which we compete. This is a tremendous opportunity to enhance News Corporation?s industry-leading portfolio of sports properties, while also strategically re-entering the New York market," said News Corporation Deputy COO James Murdoch.

"The Yes Network represents the gold standard for regional sports networks and is a pioneer in sports media. We look forward to working with Yankee Global Enterprises, the network?s management team, and all of our partners to build on a decade of success and take the YES Network to even greater heights."

Yankee Global Enterprises Chairman Hal Steinbrenner said, "This transaction underscores the great value we and our partners created in establishing the Yes Network and sets the network on the path for even greater achievements in the future. We are excited to have News Corporation as a partner. Its stature and acumen in sports broadcasting on a global scale is unmatched. We look forward to the many opportunities for growth and development that this investment by News Corporation will bring to Yes. The Steinbrenner family expects to have a continuing, long-term ownership stake in the Yes Network and we will continue our yearly commitment of fielding a championship caliber team for decades to come."

MUMBAI: The Walt Disney Company?s net profit increased 14 per cent to $1.24 billion for the fiscal-fourth quarter driven by parks and resorts segment. The company had posted a net profit of $1.08 billion in the year ago period for the same quarter.

The American media conglomerate?s total revenue for quarter grew by 3 per cent to $10.78 billion up from $10.42 billion in the same quarter of the trailing fiscal. Its segment operating income grew 11 per cent to $2.33 billion compared to $2.1 billion in the year ago period.

For the full fiscal ended 29 September, the company?s net profit grew 11 per cent to $5.6 billion from $4.8 billion in the corresponding fiscal. Revenue increased 3 per cent to $42.27 billion from $40.8 billion in the trailing fiscal.

"Fiscal 2012 was a great year creatively, financially and strategically, resulting in record revenue, net income, and earnings per share," said Disney Chairman and CEO Robert A. Iger. "The addition of Lucasfilm will further fuel Disney?s creative engine across our company to create additional value for our shareholders and we?re confident the Company is well positioned to continue our strong performance and growth."

Last month, Walt Disney had acquired Lucasfilm in a stock and cash transaction for $4.05 billion. The company had also announced that it will create a new Star Wars movie to be released in 2015.

Cable Networks

Operating income at Cable Networks increased $471 million to $5.7 billion for the year due to growth at ESPN and the worldwide Disney Channels and an increase in equity income. The increase at ESPN was driven by higher affiliate and advertising revenue, partially offset by higher programming costs. Growth at the worldwide Disney Channels was driven by higher affiliate revenue due to contractual rate increases domestically and subscriber growth internationally.

For the quarter, operating income at Cable Networks increased by $118 million to $1.4 billion due to growth at ESPN, higher equity income at AETN, and improvement at ABC Family, partially offset by lower operating income at the domestic Disney Channels.

The increase at ESPN reflected higher contractual rates for affiliate fees, decreased marketing costs, and higher equity income at the ESPN Star Sports joint venture due to lower programming costs. These increases were partially offset by higher programming costs driven by contractual rate increases for college football and Major League Baseball and expanded rights for the Wimbledon Championships.

Broadcasting

Operating income at Broadcasting remained relatively flat at $915 million for the year as higher program sales, lower programming and production costs and higher affiliate and royalty revenue were largely offset by lower advertising revenues and higher equity losses at Hulu.

For the quarter, operating income at Broadcasting decreased $9 million to $192 million driven by a decline in ABC Television Network advertising revenues due to lower ratings and higher equity losses at Hulu, partially offset by higher program sales driven by Castle and Wipeout.

Parks and Resorts

Parks and Resorts revenue for the year increased 10 per cent to $12.9 billion and segment operating income increased 22 per cent to $1.9 billion. For the quarter, revenues increased 9 per cent to $3.4 billion and segment operating income increased 18 per cent to $497 million.

Results for the year reflected increases at domestic parks and resorts, Tokyo Disney Resort, Disney Cruise Line and Hong Kong Disneyland Resort, partially offset by a decrease at Disneyland Paris.

Studio Entertainment

Studio Entertainment revenues for the year decreased 8 per cent to $5.8 billion and segment operating income increased 17 per cent to $722 million. For the quarter, revenues decreased 4 per cent to $1.4 billion and segment operating income decreased 32 per cent to $80 million.

The revenue decline for the year was driven by fewer theatrical releases in the current year and lower home entertainment sales volume. Higher operating income for the year was driven by increases in domestic theatrical and worldwide television distribution, partially offset by higher film cost write-downs.

Consumer Products

Consumer Products revenues for the year increased 7 per cent to $3.3 billion and segment operating income increased 15 per cent to $937 million. For the quarter, revenues increased 8 per cent to $883 million and segment operating income increased 29 per cent to $267 million.

Higher segment operating income for both the year and quarter was primarily due to increases at Merchandise Licensing and our retail business as well as favorable foreign currency impacts.

Interactive

Interactive revenues for the year decreased 14 per cent to $845 million and segment operating results improved $92 million to a loss of $216 million. For the quarter, revenues decreased 14 per cent to $191 million and segment operating results improved $18 million to a loss of $76 million.

MUMBAI: Rupert Murdoch-owned media conglomerate News Corp has completed the acquisition of ESPN Star Sports, an equal joint venture company that it had formed 16 years back with Walt Disney?s ESPN to rule sports broadcasting in Asia.

The acquisition is made through a wholly owned subsidiary. With this, ESS becomes a wholly owned subsidiary of News Corp.

News Corp had in June announced that it will buyout ESPN?s 50 per cent stake in ESS to become the sole owner of the sports network.

"News Corporation and ESPN today announced that News Corporation, through a wholly-owned subsidiary, completed its acquisition of ESPN?s partnership interest in ESPN STAR Sports (ESS) pursuant to their agreement announced on 6 June 2012," the company said.

In India, the deal was earlier cleared by India?s anti-competition watch dog Competition Commission of India.

ESS has footprint across 24 countries in Asia through its 25 television networks and three broadband networks. It has offices in China, Hong Kong, India, Malaysia, Taiwan and Singapore, and employs more than 650 employees across the region.

The buyout marks the exit of ESPN from the Asian market. The global sports broadcaster, however, remains present in Asia through its digital media products which include ESPNcricinfo, ESPNFC, ESPNscrum and mobileESPN.

MUMBAI: The International Basketball Association (Fiba) and ESPN have agreed to a multi-year, multi-platform (TV, internet and mobile) agreement, which includes the rights to more than 400 games across six tournaments from 2013-2015.

The agreement covers the Fiba Americas Championships (2013, 2015), the EuroBaskets (2013, 2015), the Fiba Basketball World Cup (2014) and the Fiba World Championship for Women (2014).

"I"ESPN?s commitment to international basketball continues to intensify as the sport?s global popularity soars," said ESPN vice-president, programming and acquisitions Leah LaPlaca. "This agreement expands our year-round basketball presence while serving the passionate and growing Spanish-speaking audience in the US."

Fiba Secretary General Patrick Baumann said: "Following a great collaboration over the past three years, we are delighted to announce that ESPN have once again decided to partner with us and our events, including the 2014 Fiba Basketball World Cup which is set to be the biggest basketball event of all time. International basketball is as exciting as sport gets and it is great that the US audience can continue to follow our competitions thanks to a coverage that is second to none."

ESPN?s television rights will result in telecasts in both English and Spanish, extending throughout the United States and its territories, excluding Puerto Rico. Overall, ESPN, ESPN2, ESPN3 and ESPN Deportes will combine to televise every game. All Team USA and Gold Medal Games will air live on ESPN or ESPN2, and ESPN Deportes.