ESPN is selling a majority interest in X Games, the event that helped bring extreme sports such as snowboarding and Moto X racing into the mainstream.
The Walt Disney-owned sports media company announced Wednesday that MSP Sports Capital, a private equity firm, will become the majority stakeholder in the property founded in 1995. ESPN will retain a minority share and extended its deal to carry X Games events on cable and broadcast TV.
New York-based MSP Sports Capital will take over the day-to-day operation of X Games and plans to expand the its presence across streaming properties, where younger consumers have migrated to watch video. X Games will no longer appear on ESPN+, the direct-to-consumer streaming service.
