July 10, 2012 - 1:16 PM
NEW YORK, N.Y. - Comcast's NBCUniversal is selling its stake in A&E Television Networks to Disney and Hearst for $3.03 billion in cash.
Comcast Corp. has a 15.8-per cent stake in A&E, and said it will sell that stake to Walt Disney Co. and Hearst Co., its partners in the A&E joint venture.
The company said in May that it had exercised an option requiring Disney and Heart to buy back a significant portion of their ownership in A&E.
A&E channels include the History Channel, Lifetime, Biography as well as its namesake network.
Comcast, a cable company based in Philadelphia, has a controlling interest in NBCUniversal and plans to acquire the remaining 49 per cent stake held by General Electric Co.
News from © The Associated Press, 2012