Despite being outgunned by BT in the recent auction to Premier League football TV rights, ESPN remains a financial powerhouse in its home country of America.
Running from 2014 to 2021, the new eight-year deal to Major League Baseball will cost an average of $700 million annually, around double what ESPN is currently paying.
Alongside the US, the multi-platform deal covers MLB rights in Europe, Latin America, Caribbean, Middle East, Africa, Israel, Australia, New Zealand, Pacific Islands and on Cruise Ships.
ESPN America, the channel available in the UK on Sky and Virgin Media, will continue to be the overseas home of MLB coverage throughout more than 40 countries, reaching 19 million homes.
Under the extended deal, fans will be able to watch the Spring Training games on ESPN America, and more than 300 regular season ties, including ESPN's Opening Day, Sunday Night, Monday Night and Wednesday Night baseball games.
There will also be the MLB All-Star Weekend, post-season coverage, the Wild Card and The World Series. Archive games and "Instant Classic" games will air on ESPN America and ESPN Classic.
Alongside the TV coverage, ESPN will get video clip and data rights to syndicate the MLB content on digital platforms, such as mobile devices and smartphones.
MLB Commissioner Allan H. Selig said: "On behalf of Major League Baseball, I am thrilled that we will continue our long-standing relationship with ESPN far into the future.
"The level of ESPN's commitment to baseball - both financially and through its expanded content - is a testament to the strength of our game and its unprecedented popularity among our fans.
"Through its various networks and other media platforms, ESPN offers baseball fans more avenues to experience the game than ever before, and we're thankful for their continued support."
ESPN President John Skipper added: "We're thrilled to renew our long-standing agreement with Major League Baseball into the next decade. It's a great property.
"The enormous scope of what we acquired will provide fans with more live baseball and more ways to access baseball content than ever before."
The deal will guarantee a more than 30-year continuous relationship between ESPN and MLB, dating back to 1990.
Baseball coverage on ESPN America continues with the MLB Postseason, due to get underway on October 5.