The International Cricket Council has announced what is believed to be a $US1.1 billion deal which has secured ESPN Star Sports as its global media and production partner from late-2007 until 2015.
The ICC board made the decision in Dubai although a final agreement has still to be reached with the company.
ESPN Star Sports is jointly owned by News Corporation and the Walt Disney Company.
CricInfo claimed independent sources quoted the value of the deal.
The ICC did say, however, that the deal was significantly greater than its existing deal with the Global Cricket Corporation which was worth $US550 million from 2000-07.
Included in the deal are 18 ICC tournaments, including the 2011 and 2015 World Cup tournaments and a minimum of three ICC Champions Trophy tournaments.
The ICC Twenty20 World Championships and ICC Under-19 World Cups are included while women's cricket has had a significant boost by having its World Cup included for the first time.
ICC president Percy Sonn said in a press release following the decision: "We are absolutely delighted that, after an open and transparent process, we have what we believe to be the best deal for cricket.
"All the bids we received were of a very high standard and we would like to thank the unsuccessful organisations for their submissions."
Sonn said he believed the 97 member countries of the ICC would receive 'significant benefit' from the agreement.
"The revenue that will come into the game as a result of this deal will ensure every one of those members will be able to plan for the future with certainty, allowing us to make our strong sport even stronger," he said.
The chairman of New Zealand Cricket, Sir John Anderson said: "I am absolutely delighted.
"ESPN Star Sports is a great partner for the ICC and the revenue that will be generated for the game will underpin the growth of cricket both domestically and globally.
"It will allow all members to maintain and enhance the fabric of the game at all levels and puts everyone in a strong position to move forward."
