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Comcast Confirms Sale of A&E Television Stake for $3.03 Billion

By William Launder Comcast Corp.'s (CMCSA, CMCSK) NBCUniversal unit confirmed plans to sell its minority stake in A&E Television Networks for $3.03 billion to joint-venture partners Walt Disney Co. (DIS) and Hearst Corp. A&E agreed to redeem NBCUniversal's 15.8% stake in a deal to be paid in cash and in the form of a senior note issued by A&E, Comcast said in a filing Tuesday with the Securities and Exchange Commission. Comcast said earlier this year that it had exercised an option to sell the stake, which was widely expected to be sold to Disney and Hearst. Last week, it was reported by various outlets, including The Wall Street Journal, that a deal was near. Comcast acquired its stake in A&E--home to the History Channel, the Biography Channel and Lifetime--when it purchased a controlling interest in NBCUniversal from General Electric Co. (GE) last year. The stake sale implies a valuation of almost $20 billion for all of A&E. According to a note from Davenport Research, the A&E group of channels ranks fourth in total prime time viewers, with the top three spots taken by Viacom Inc. (VIA, VIAB), Time Warner Inc. (TWX) and NBCUniversal. A&E is expected to have about $1.1 billion in cash flow this year, Davenport said. Write to William Launder at william.launder@dowjones.com

Stock News for Walt Disney (DIS)
DateTimeHeadline
08/24/201603:02:00Disney and Vice: A Storybook Romance -- WSJ
08/23/201615:00:00Disney Movies Anywhere Adds Its First Multichannel Video Programming...
08/23/201611:21:00Disney and Vice: a Storybook Romance
08/10/201603:03:00Disney Bets On Baseball Streaming -- WSJ
08/09/201617:31:00Disney Earnings Rise on Box-Office Success--2nd Update
08/09/201617:12:00Disney Earnings Rise on Box-Office Success--Update
08/09/201617:10:26Quarterly Report (10-q)
08/09/201617:10:00Disney Earnings Rise on Box-Office Success
08/09/201617:01:00Disney Earnings Rise on Box-Office Success
08/09/201616:22:36Current Report Filing (8-k)
08/09/201616:15:00The Walt Disney Company Acquires Minority Stake in BAMTech
08/09/201616:15:00The Walt Disney Company Reports Third Quarter and Nine Months...
08/08/201601:10:00NBCUniversal Places Big Bet on 'Harry Potter,' 'Fantastic Beasts'
08/05/201603:03:00Frozen' Director Is Left Out in the Cold -- WSJ
08/04/201621:19:00Frozen' Director Alex Timbers Is Left Out in the Cold
08/04/201618:20:00Disney Looks to 'Poké mon Go' Tech as Toy Sales Disappoint
08/04/201618:15:00Disney Looks to 'Pokémon Go' Technology as Playmation Sales...
08/04/201611:21:00MARKET SNAPSHOT: U.S. Stocks Choppy After Bank Of England Stimulus...
08/04/201610:09:00MARKET SNAPSHOT: U.S. Stocks Step Modestly Higher After BOE Rolls...
08/04/201603:03:00Time Warner Buys 10% of Hulu -- WSJ

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