(Photo credit: REUTERS/Mike Segar)

Government regulators approved ESPN's acquisition of NFL Network, linear rights to the NFL RedZone Channel and other league media assets in exchange for a 10% equity stake in ESPN, the NFL and ESPN announced late Saturday night.

The blockbuster deal was formally announced last August pending reviews by the Justice Department and other non-US antitrust authorities, which are now complete.

'With the closing, we will begin integrating NFL employees into ESPN in the months ahead,' ESPN and the NFL said in a joint statement. 'As we look to the future, NFL fans can look forward to expanded NFL programming, greater access to NFL Network, innovative Fantasy experiences and unparalleled coverage of America's most popular sport.'

The deal will bring major NFL media properties under the Disney-owned network and expand ESPN's football offerings across both traditional and streaming platforms.

The National Football League gave up 100% ownership of the NFL Network for 10% of ESPN, which is valued in billions of dollars.

Under the agreement, NFL Network and RedZone will be integrated into ESPN's upcoming direct-to-consumer streaming service while remaining available via cable and satellite. The RedZone brand could translate to a similar offering in other sports to which ESPN has broadcast rights.

NFL Fantasy will merge with ESPN Fantasy, creating the official season-long fantasy platform of the league.

As part of a second agreement between the sides, ESPN will also gain rights to license three additional NFL games per season for 28 total. Seven of those games will be broadcast on NFL Network -- these three new ones and four that will shift from ESPN to NFL Network. The NFL doubleheaders on Monday nights will cease, while NFL Network again will have four international games for a total of seven games each season.

The merger does not impact coverage of Super Bowl LX next week, with viewers unlikely to see changes until April at the earliest, when NFL Media employees become part of ESPN.

The NFL will retain ownership of key properties including NFL Films, NFL+, NFL.com and the NFL Podcast Network, and will continue producing and distributing the digital version of RedZone independently

--Field Level Media