The American company Walt Disney Co. is selling its 50 per cent stake in A+E Global Media to the media company Hearst for approximately $1.2 billion, according to a statement from the buyer.
As a result, Hearst will consolidate 100 per cent of this business, which includes the popular television channels Lifetime and History.
The transaction will be settled in cash and is expected to be completed in September.
A+E Global Media broadcasts in 40 languages and reaches over 414 million households. The company was founded in 1984 as A&E (Arts & Entertainment Network).
Disney’s shares rose by 1 per cent in pre-market trading on Wednesday. The company is also due to publish its quarterly results on Wednesday.