Hearst, the US media giant, has agreed a deal to acquire The Walt Disney Company’s 50 per cent stake in A+E Global Media in a deal worth around $1.2 billion (€1.04bn) in cash, giving it full ownership of the television and content business.
Disney’s exit from A+E follows the company’s efforts to prioritise streaming and sports (via ESPN). It ends a partnership with Hearst that has lasted for more that four decades.
The transaction is expected to close in September. A+E will then become a wholly owned Hearst business within the company’s entertainment group. A+E operates a number of brands including A&E, Lifetime, FYI, The History Channel, LMN, and Vice TV. It reaches more than 414 million households across 200 territories in 40 languages.
“We thank our Disney colleagues for decades of successful partnership,” commented Steven R Swartz (pictured), President and CEO of Hearst. “We look forward to supporting Paul Buccieri and A+E Global Media’s leadership team as they continue to make must-see programmes and innovate around the great History, Lifetime, and A&E brands.”
“In a media environment defined by fragmentation, A+E Global Media’s advantage is the strength and versatility of our brands, our strong partnerships, and our vast library of owned assets,” added Paul Buccieri, President and Chairman of A+E Global Media. “As we continue extending our storytelling globally across all platforms with IP that travels to every screen and form-factor, we believe we are well suited for whatever opportunities may come next. I also want to express my deepest thanks to Hearst, The Walt Disney Company, and to our board members – both recent and past – for their guidance and support over the years.”