The Walt Disney Co.
(NYSE:DIS) is cashing out of A+E Global Media, agreeing to sell its 50% stake to media conglomerate Hearst for approximately $1.2 billion in cash as investors continue to debate Disney's long-term media strategy Hearst Takes Full Control Of A+E Hearst said Tuesday that, upon the deal closing in September, A+E Global Media will become a wholly owned business within its entertainment group.
"We look forward to supporting Paul Buccieri and A+E Global Media’s leadership team as they continue to make must-see programs and innovate around the great HISTORY, Lifetime and A&E brands," Hearst President and CEO Steven Swartz said.
Disney's exit from A+E comes as the company continues prioritizing its streaming and ESPN businesses while reassessing the role of traditional linear television assets.
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