Disney issues a statement amid reports that it is in talks to sell ABC and its linear businesses

Sep 14, 2023 in "The Walt Disney Company"

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Walt Disney Company headquarters in Burbank, California

Posted: Thursday September 14, 2023 5:15pm ET by WDWMAGIC Staff

Bloomberg reported earlier today that the Walt Disney Co. has held exploratory talks about selling its ABC network and TV stations to local broadcaster Nexstar Media Group Inc.

Disney has issued a statement late this afternoon saying, “While we are open to considering a variety of strategic options for our linear businesses, at this time The Walt Disney Company has made no decision with respect to the divestiture of ABC or any other property and any report to that effect is unfounded.”

Disney CEO Bob Iger put the entertainment world on notice during an interview at the Sun Valley conference, where he said that the company is open to a number of options regarding its linear businesses, including ABC and ESPN.

Walt Disney Company headquarters in Burbank, California

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MisterPenguin14 days ago

https://www.hollywoodreporter.com/business/business-news/hollywood-stocks-review-2024-netflix-walt-disney-warner-bros-discovery-1236087500/ https://variety.com/2024/biz/news/media-stocks-2024-netflix-disney-warner-bros-discovery-1236262140/ https://www.hollywoodreporter.com/business/business-news/2025-entertainment-stock-picks-disney-netflix-spotify-take-two-1236087572/

BrianLoDec 04, 2024

Not at all. Comcast wanted Fox and Disney wanted Sky. They both lost something, but Roberts only got the stinker and Dis was bid up unnecessarily. The only one who truly came out on top was Murdoch. Unless I’m misunderstanding you and you think Comcast didn’t want Fox?

LilofanDec 04, 2024

Not too shabby Iger and his wife bought the Angel soccer team for $250M.

monothingieDec 04, 2024

You're incorrectly assuming that the Fox/Disney was not serious about pursuing the remainder of Sky. "Another source told CNBC that Comcast executives thought there was a decent chance Fox was simply bluffing and didn’t actually want Sky at all. But bidding £15.67 per share suggested Disney did, in fact, want Sky. Otherwise it would have bid much lower in Round 3, the source said." Fox/Disney wanted Sky. Yes they raised the price, but that's what a bidding war does. Unlike the Disney acquisition bidding war over Fox, Dis actually benefited from Comcast’s overpayment. Comcast has also already written down 8.6B, which is technically an admittance of having overpaid. Only the Indian sub arm of the Fox acquisition has yielded an impairment thus far for Dis and that was only 1.5B. I won’t lie that Brian Robert’s successfully intervened with probably a steal Iger had negotiated. Not probably, I know it was worth more than 54B since they’ve divested 35+ and Hulu is worth at least 8.9… but Roberts was the far bigger loser in the matter thus far… Hindsight and such makes it very easy to look back and tell people what they should have done almost a decade earlier.

Nevermore525Dec 04, 2024

Yeah the content spend for D+ is much better with what their current revenue is. They still have high SG&A costs for streaming.

BrianLoDec 04, 2024

This is also incorrect. Sky’s value was bid up 14.75B by a back and forth between Fox, Comcast and Disney. The Fox acquisition was technically 18.9B bid up. The original Sky agreement was for Fox to acquire the remainder of the shares at £10.75 per share. When all was said and done Comcast had bid up to £17.72; and was buying the whole thing, it wasn’t already sitting on Fox’s portion since it lost the other bidding war. Unlike the Disney acquisition bidding war over Fox, Dis actually benefited from Comcast’s overpayment. Comcast has also already written down 8.6B, which is technically an admittance of having overpaid. Only the Indian sub arm of the Fox acquisition has yielded an impairment thus far for Dis and that was only 1.5B. I won’t lie that Brian Robert’s successfully intervened with probably a steal Iger had negotiated. Not probably, I know it was worth more than 52.4B since they’ve divested 35+ and Hulu is worth at least 8.9… but Roberts was the far bigger loser in the matter thus far…

flynnibusDec 04, 2024

More significantly- they are delivering on the promised turnarounds - like reduced d+ spending and the return of the dividend. I assume the d+ margin is on track too (didn’t see news yet)

Nevermore525Dec 04, 2024

Last 4 Quarters of profit for the company overall was the best since 2018, so makes sense the dividend would see a bump for shareholders.

BrianLoDec 04, 2024

I know this is a little old, but you didn’t get a response. These are the major divestures; Sky - 15 Fox Sports 10.6 YES - 3.5 Endemol - 2.2 Star - 3B Spinoff + 1.5B impairment These are the ones I can’t find numbers on; True(X), Fox Next, TeleColombia, FoxSports Mexico, A&E Europe, Argentinian FoxSports Penguins number may have been a tad generous in the assumption, but yours is too low. It’s at least 35B and change.

DCBakerDec 04, 2024

https://forums.wdwmagic.com/threads/the-walt-disney-company-declares-cash-dividend-of-1-00-per-share.985207/

HauntedPirateNov 25, 2024

Allegedly this money is earmarked for the futbol club he and Willow bought.

Magic Crush DropNov 25, 2024

Not being subtle at all.

DobergeNov 24, 2024

The interview with Good Morning America where Bob is asked if he's more Pua or Hei Hei and he answers, "I'm not sure... I'm more Maui, right? Demigod." 😏

RobbiemNov 24, 2024

He really is turning into the corporate villain from a 70s Disney movie, he needs to meet some children trying to save their home to teach him how to enjoy life. Maybe they give him Herbie as his corporate car?