NBA strikes deal with Chinese digital partner worth reported $700M over 5 years

The NBA struck a lucrative, multimillion-dollar deal on Thursday with Chinese digital media giant Tencent Holdings Ltd. 

Tencent is set to officially become the exclusive online partner of the NBA in China, according to Juro Osawa of The Wall Street Journal. 

The agreement, worth a projected $700 million to the league over five years, according to ESPN's Darren Rovell, will bring live games to the streaming devices of hundreds of millions of fans in the world's most populous country. 

Osawa notes that Tencent, considered an online behemoth, will broadcast live NBA games on its websites and mobile applications. Furthermore, the company is going to launch NBA League Pass - a popular pay service - that will enable users to stream live games on a number of devices. 

Tencent said it will become the only online channel broadcasting NBA games in China once the deal takes effect July 1, according to Osawa.