ABC Radio Earmarked For Sale? - Billboard- 5/11/05
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n another example of accelerated deal making in the radio industry, Walt Disney Corp. may have earmarked its ABC Radio division for sale.
According to the New York Post, incoming Disney CEO Bob Iger has tagged dumping the company’s radio assets at the top of his “To Do” list. The sale could bring in as much as $1 billion.
“Disney is deciding whether radio fits with their businesses,” a source close to the company told the Post. “But it’s still in the early stages.”
The potential bombshell follows on the heels of two other media giants reshuffling media assets to shore up sagging stock prices: Viacom, which is moving toward separating its growth engine (cable and movies) from its “value” division (radio and TV); and Clear Channel, which is shedding its struggling concert business via spinoff and floating a 10% stake in its outdoor advertising operations in an initial public offering.