LOS ANGELES, Sept 15 — Walt Disney Co has held exploratory discussions about selling its US TV network ABC to regional TV station operator Nexstar Media Group Inc, people...
LOS ANGELES, Sept 15 — Walt Disney Co has held exploratory discussions about selling its US TV network ABC to regional TV station operator Nexstar Media Group Inc, people familiar with the matter said on Thursday.
The discussions come after Disney CEO Bob Iger said in July that the company could sell some of its traditional TV assets, which have struggled for years due to the rise of streaming services.Both sources requested anonymity because the matter is confidential. A Disney spokesperson said while the company was “open to considering strategic options for its linear business”, it has not made a decision yet on the divestiture of ABC or any other property.Disney shares closed up 1.2%, while Nexstar stock rose 5.7% following the report.Disney’s ABC comprises a national television network and eight regional stations. It also has affiliation agreements with about 240 local television stations reaching almost all US television households.
Nexstar has 200 owned or partner stations in 116 markets reaching over two-thirds of the US population, as well as national TV networks such as CW and NewsNation. It has a market value of US$5.25 billion. Then Disney Chief Executive Michael Eisner agreed to buy Capital Cities/ABC for US$19 billion in 1995. — Reuters
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