I've been reading through the Disney $DIS ( ▼ 1.31% ) earnings and the deal closure, and honestly, the headline everyone's running with misses what's actually interesting. Yes, ESPN paid $3 billion for NFL Network and RedZone. But that's not the story.
The story is that the NFL took a 10% equity stake in ESPN valued at an implied $30 billion valuation for the company. That's the bit that matters.
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