BREAKING: ESPN announced on Tuesday that it will officially acquire the National Football League (NFL) Network in a landmark agreement. Read more:

(AP) – Ever since the NFL announced it was looking to sell NFL Network and other media assets, ESPN had been seen as one of the favorites to make a deal.

The NFL announced Tuesday night that it has entered into a nonbinding agreement with ESPN. Under the terms, ESPN will acquire NFL Network, NFL Fantasy and the rights to distribute the RedZone channel to cable and satellite operators and the league will get a 10% equity stake in ESPN.

The league and ESPN still have to negotiate a final agreement and get approval from NFL owners. The agreement will also have to undergo regulatory approvals.

“Sometimes great things take a long time to get to the point where it’s right. And we both feel that it is at this stage,” NFL Commissioner Roger Goodell said in a call with The Associated Press.

Along with the sale of NFL Network, the NFL and ESPN will have a second nonbinding agreement where the NFL will license to ESPN certain NFL content and other intellectual property that can be used by NFL Network and other assets that have been purchased.