2 hours ago - Business

Disney selling A+E stake for $1.2 billion

Dan Primack

Mickey Mouse — Photo: Chris Grieve/Daily Mirror/Mirrorpix via Getty Images

Disney on Wednesday announced an agreement to sell its 50% stake in A+E Global Media for $1.2 billion in cash to Hearst, which would gain full ownership when the deal closes next month.

The big picture: Disney keeps cutting its legacy cable cords — mirroring its customers — even if that means losing a profitable business and deep content library.

By the numbers: A+E says its channels, including History and Lifetime, reach more than 414 million households in 200 territories in 40 languages.

Disney, which also announced a content partnership with TikTok, says the sale will help it boost upcoming share buybacks to at least $9 billion from $8 billion.

Go deeper via TNW: "Disney has been reshaping itself around streaming for years. Its new leadership wants to turn Disney+ into a super app to take on Netflix, and cable stakes that throw off cash but little growth do not fit that story."

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Disney selling A+E stake for $1.2 billion

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