Deal brings an end to 12-year joint venture for Lifetime and History owner
Disney has sold its 50% stake in History, A&E and Lifetime owner A+E Global Media to Hearst for $1.2bn.
The deal comes just over a year since Wells Fargo was brought in to explore a potential sale, with the transaction expected to close in September.
A+E will become a wholly owned Hearst business within its entertainment group once the deal closes, with existing chief exec Paul Buccieri remaining in charge under Hearst president and chief exec Steven Swartz.
A+E Global Media launched as A&E (the Arts & Entertainment Network) in 1984 and now claims to reach more than 414 million households across 200 territories in 40 languages.
Disney became a 50-50 partner in the business in 2012 after buying out NBCUniversal’s stake.
Its brands include LMN, FYI and Vice TV, but the company has been impacted by declining cable revenues in the US, shifting focus to FAST channels and production.
Its A+E Studios unit has been behind shows including The Lincoln Lawyer for Netflix and AMC’s Parish, which was based on the BBC’s The Driver. It also holds stakes in companies including Propagate content and Philo TV.
A+E also operates SVoD services including History Vault and channels in Europe such as Crime + Investigation and Blaze, which fall under the rebranded Hearst Networks EMEA brand.
Swartz said: “We thank our Disney colleagues for decades of successful partnership. 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.”
Buccieri added: “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.
“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.”
Disney’s decision to sell its stake follows similar moves to offload cable channels, with NBCUniversal splitting that part of its business into a separate entity called Versant.
No comments yet