Comcast will buy E! stake from Disney
Comcast Corp. is looking to buy Walt Disney Co.'s 40 percent stake in E! Entertainment Television, giving the cable company total control of the network, according to media reports.
Estimations place the value of Disney's stake at about $1 billion, making E! worth about $2.5 billion.
E! has two cable channels: E!, which covers celebrity news, and Style Network, which focuses on fashion. E! has 86 million subscribers and Style has 42 million.
Comcast is the managing partner of E!, and Disney has the right to go ahead with a sale, should it want to exit the venutre.
Both companies' stock saw moderate gains on the news. Disney finished up 10 cents, or .35 percent, at $28.66. Comcast finished up 57 cents, or 2.18 percent, closing at $26.67.