Comcast Strikes Deal to Sell A&E Stake for $3 Billion -- Far More Than Earlier Estimates LA Times
Comcast will sell its minority stake in A&E Television Networks for $3 billion, a higher price tag than Comcast had earlier valued the investment, reports Joe Flint in the Los Angeles Times' Company Town.
Comcast had earlier pegged the value at $2 billion, when two months ago it disclosed that it had exercised an option to sell its 15.8% stake to majority owners Walt Disney Co. and Hearst Corp.
The ability to gain entire control of A&E Networks, which owns A&E, History and LIfetime, made the property more valuable to Hearst and Disney, who are now 50/50 partners, the story says.
"The channels -- particularly History, which last month struck ratings gold with its 'Hatfields & McCoys' -- are strong properties and cash cows," Flint writes.