Stocks
Hearst Buys Out Disney's Stake in A+E Global Media for $1.2 Billion
Hearst has acquired Disney's 50% stake in A+E Global Media for approximately $1.2 billion in cash.
The deal includes well-known brands such as A&E, Lifetime, History Channel, FYI, and Vice TV.
A+E Global Media will become a wholly owned Hearst business within its Entertainment group.
Disney's president and CEO, Steven R. Swartz, said in a statement: 'We thank our Disney colleagues for decades of successful partnership.'
The deal has been in the works for a while, as Disney executives had been vocal about how linear television wasn't a core asset to the company.