Bob Iger and Josh Kushner to purchase the Los Angeles Lakers

Former Walt Disney Company CEO Bob Iger and businessman Josh Kushner are purchasing the Los Angeles Lakers for $12 billion, according to ESPN.

Iger and Kushner shared a joint statement confirming the purchase to the outlet, and outgoing owner Mark Walter shared a separate statement saying owning the Lakers has been "one of the great honors of my life."

This is a developing story. Please check back for updates.

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