Topline

Billionaire investor Josh Kushner and former Disney CEO Bob Iger reached an agreement to buy the Los Angeles Lakers for more than $12 billion, a record-setting price tag for a sports franchise, ESPN reported Tuesday.

Key Facts

Kushner and Iger acquired the Lakers from Mark Walter, who purchased a controlling interest in the team from the Buss family last year at a $10 billion valuation, ESPN reported, citing multiple sources.

This is a developing story.