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Credit: DisneyUpdate: The Walt Disney Company issued a statement on September 14, 2023, addressing reports regarding the company’s sale of ABC, adding that “at this time The Walt Disney Company has made no decision with respect to the divestiture of ABC or any other property.”
Disney is gearing up for the end of an era, as the company has started drafting the grand finale of its broadcast television.
The Walt Disney Company has powered through a rough year so far, with Florida Governor Ron DeSantis incessantly attacking the company with lawsuits, motions, statements, and more; hate groups carrying out multiple demonstrations outside Walt Disney World Resort; Disney stars being entangled in legal battles; and fans bailing from the parks amid lawsuits and disappointments.
Unfortunately, the company seems to be facing more and more problems with each passing day as the company gears up for what appears to be the grand finale of its broadcast television.
Recently, Disney-owned cable channels went dark nationwide, triggering speculations on the end of the company’s broadcast television, with channels like ESPN, National Geographic, Disney Channel, and ABC at risk. The blackout left nearly 15 million customers without access to the company’s channels, resulting in a billion-dollar loss for The Walt Disney Company.
With public figures dealing jabs at Disney for the blackout, tension and speculation continue to grow. And Disney CEO Bob Iger’s statements on wanting to “downsize” the company aren’t exactly helpful in reassuring the future of Disney’s cable television.
Related: Disney Willing to Sell Content to Competitors In Bold Financial Move
Following the worrying incident, new reports say that Disney is taking its first steps toward the end of the company’s linear television branch.
Per a New York Times report, The Walt Disney Company has held initial talks on the sale of its ABC Network to local TV station owner Nexstar Media. The theme park and entertainment giant’s 1.1% share rise is eclipsed by Nexstar’s jaw-dropping 5.5% stock jump.
These talks are preliminary and haven’t involved a specific valuation, according to a Bloomberg report. However, sources say that Nexstar would “only be interested at the right price.”
Nexstar, a billion-dollar company based in Irving, Texas, has 200 owned or partner TV stations in 116 markets, including many affiliated with FOX, NBC, and CBS. This could represent an impediment to the bold acquisition, as the owners of these companies could object to Nexstar’s purchase of ABC and its stations.
American businessman and television producer Byron Allen, who owns several TV outlets, has reportedly also had discussions with Disney about acquiring ABC and its stations.
As of this article’s publishing, plans for the sale of ABC have not been made public by Disney officials. The reports referenced in this article did not mention the future of other Disney-owned channels, including ESPN and Disney Channel.
Do you believe Disney will sell ABC to Nexstar? Could the move mean the end of Disney’s broadcast television? Share your thoughts with Inside the Magic in the comments below!