Portugal Colonial - NFL buys 10% stake in ESPN, which buys NFL Network, RedZone

Both companies announced the deal, which also includes the combining of NFL Fantasy Football with ESPN Fantasy Football.

Federal regulators must approve the transaction, a process that could take several months, according to the league. Until the deal closes, fans are unlikely to see any significant changes to ESPN or NFL Network.

NFL team owners also must approve the deal, but that is seen as little more than a formality given the expanded reach on offer for NFL programming.

"I think we've hooked up with the best partners we can have," said New England Patriots owner Robert Kraft, chairman of the NFL's media committee.

"That will help expose us to more homes, more of an international audience. Strategically, we have to grow our salary cap and can only do that by -- if we want to keep labor peace, we have to grow our audience. This transaction helps us to do that."

Global growth opportunities for the NFL, which already plays games overseas every season, played a key role in motivating the NFL to get terms of the deal sorted.

"We're hooking up with the strongest sports amalgamation of sports product," Kraft said. "We're giving them what I believe is the best content, and they're giving us the greatest operational company to grow our audience globally.

"This is a way for us to broaden our audience. We've done so much. I don't think there's any company like (ESPN owners) Disney and ESPN in doing sports, all sports. We need to expose our product to more people and a greater variety of people."

Ferreira--PC