The move marks ESPN biggest online foray into cricket and gives it control of the world's largest cricket news and information website.
ESPN plans to keep the cricket site as a separate brand and the value of the deal was not disclosed.
Cricinfo was started in 1993 as an online community of cricket fans supplying cricket-related information on a voluntary basis.
It was bought in 2003 by Wisden Group, which owns the Hawk-Eye sports technology business, and merged with Wisden's own cricket website.
Following the sale, the group said it would continue to focus on its Hawk-Eye business in cricket, tennis and a growing range of other sports.
Mark Getty, Wisden Group director, said: "Cricinfo has developed into a significant cricket brand in its own right, combining huge global popularity with strong commercial success.
ESPN is a major sports broadcaster and international rights holder and will provide the perfect environment for Cricinfo to further realise its enormous potential."
Russell Wolff, managing director of ESPN International, said: "Growing our business in the online world is vital for us to serve sports fans. Cricinfo is a tremendous property with a great fan base and it will be a strong addition to ESPN."
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