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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 [email protected]

Stock News for Walt Disney (DIS)
DateTimeHeadline
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02/14/201714:32:00Correction to CMO Today Newsletter
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02/13/201710:37:05Amended Statement of Ownership (sc 13g/a)
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02/10/201702:17:00The Walt Disney Company Announces an Increase in its Interest...
02/10/201701:31:00The Walt Disney Company Announces an Increase in its Interest...
02/10/201701:31:00The Walt Disney Company Announces an Increase in its Interest...
02/08/201717:02:00Additional Proxy Soliciting Materials (definitive) (defa14a)
02/08/201715:36:00Disney Restructures Ad Sales for Entertainment Networks
02/08/201703:02:00ESPN's Struggles Take Toll On Disney -- WSJ
02/07/201719:40:00Walt Disney Pressured by Sagging ESPN Performance - Update

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