The Walt Disney Co. has sold its 50 percent equity stake in A+E Global Media to Hearst for $1.2 billion in cash, ending the joint venture that was first created in 1984.
The deal will see Hearst take full control of the media company formerly known as A+E Networks, which owns brands like A&E, History and Lifetime, including cable TV channels, content studios, and streaming offerings. A+E has also invested in companies like Vice, Propagate Content, Atlas Obscura and Philo TV.
A+E will become a part of Hearst’s entertainment group upon closing later this year.
“We thank our Disney colleagues for decades of successful partnership,” said Steven R. Swartz, president and CEO of Hearst. “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.”
Paul Buccieri has led A+E since 2018.
“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,” added Buccieri, president and chairman of A+E Global Media. “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. I also want to express my deepest thanks to Hearst, The Walt Disney Company and to our board members — both recent and past — for their guidance and support over the years.”
The company was founded in 1984 (the Arts & Entertainment Network was its original cable brand), with Hearst and ABC each owning a slice alongside other investors. NBC obtained a minority stake in 1993. The company expanded with an acquisition of Lifetime Networks in 2009. Lifetime was also a JV of Disney and Hearst.
Disney and Hearst had been equal partners in A+E since 2012, when they bought out NBCUniversal’s minority stake. The company had begun to explore its options a year ago, hiring Wells Fargo to market it. Since then, of course, Comcast spun out its cable channels into Versant while Warner Bros. Discovery has inked a deal to sell itself to Paramount Skydance.