The NFL is going to need to add a pay-TV service to its subscription base, and it could be a lot more than just an NFL app.
The league’s TV network, which is now owned by NBCUniversal, will also get a significant boost with the addition of a streaming service.
ESPN and NFL Network will both get the upgrade.
The NFL and NBCUniversal will get a $500 million investment in the new company.
And the new TV network will be called NBC Sports Network, with the new title reflecting the new, higher-end price that NBC Sports Group, the NBC Sports group, will be paying for the rights to broadcast the NFL games.
The deal was announced Friday.
The two companies will be based in Bristol, Conn., the home of the NFL.
“We are thrilled to announce this strategic investment in NBC Sports, the nation’s leading sports network, for a number of years,” NBC Sports Chairman Bill DeBlasio said in a statement.
“Our teams will continue to thrive in the years ahead and this investment will help the network continue to deliver the most important and entertaining sports content in the world.”
It’s the first major investment by the two companies in their respective business, which has been under intense scrutiny since a sexual assault scandal engulfed the NFL and its player union.
ESPN said it would invest $100 million in the network, while the NFL Network said it will get $50 million.
The investment also includes the $50-million investment made by the NFL in the NBCUniversal-owned NFL Network, which the league is looking to sell to Comcast, which also owns NBC.
The announcement was made on a conference call by the company that is responsible for both networks, NBC Sports chairman Gary Bettman, and chairman Paul Allen.
ESPN’s ownership is owned by The Walt Disney Co., while the new NBC Sports division will be owned by a group of private equity firms that include the hedge fund Renaissance Technologies, the investment firm KKR, and the media company WME.
The new ownership group will take over the networks’ programming, as well as its business operations.
The networks are expected to begin to invest in their new programming and content, as the two sides work out how to work together on the long-term deals they want to sign in the coming years.
ESPN already has a contract with NBC for a 20-year extension that expires in 2021.
The move comes after months of negotiations between the networks and the union, which wanted to make the networks pay a significant price for the ability to offer their games live on cable or streaming services.
The companies had been trying to strike a deal that would let the networks continue to operate with their current broadcast deals.
That deal expires this season, and negotiations on a new contract are expected by the end of the year.
In a statement, NBC said the two parties have agreed to an unprecedented $50 billion deal to buy the networks.
“The two-year deal is the largest ever made by a sports network and includes a host of new features and enhanced services to enhance the experience of our sports fans, including a new, high-definition video experience,” NBC said in the statement.