Formalizing what has been known since June, Disney/ABC Television Group, Hearst Corporation and NBC Universal will simplify their interests in A&E Television Networks and Lifetime Entertainment Services for the near term.
The three acquiring companies engineered a deal for A&E to acquire Lifetime and put Abbe Raven, president and chief executive officer of AETN, in charge of the new combined division.
AETN will now include: A&E Network, History, Lifetime Television, Lifetime Movie Network, Bio, History International, Lifetime Real Women, History en Español, Military History and Crime & Investigation Network.
Much of the intricacy of the deal involves reconfiguring the existing network partnerships, which will eventually see NBC Universal, a minority partner in A&E Networks, ending this cable network relationship, sources said.
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The resultant company will have Walt Disney and Hearst each with around 42.5% stakes, while NBC will own 15.0%, according to executives.
In a release, the companies said under the agreement, "NBCU may elect or be required to exit AETN over a period of up to 15 years, in which event, Disney and Hearst could become 50-50 owners of AETN."
Previously, Walt Disney/Hearst/NBC Universal were partners for A&E Networks and Walt Disney/Hearst in Lifetime. Walt Disney and Hearst each had a 37.5% stake in A&E Networks, and NBC had 25%. For Lifetime Networks, Disney and Hearst were 50-50 partners.
Andrea Wong, president/CEO of Lifetime Networks, Nancy Dubuc, executive vice president and general manager of History, and Bob DeBitetto, president and general manager, A&E Networks & Bio Channel, will all report to Raven.
"The new company will be much greater than the sum of its parts, positioning these brands for a new level of success and performance," said Anne Sweeney, co-chairman of Disney Media Networks and president of the Disney/ABC Television Group.
"The new A&E Television Networks better positions each brand to continue to focus on the world-class storytelling and quality original programs they are known for," said Scott Sassa, president of Hearst Entertainment & Syndication.
Jeff Gaspin, chairman of NBC Universal Television Entertainment, added: "This transaction represents the next stage of this partnership and the evolution of some terrific media brands."
Remember the days
When A&E
Showed TV Programs
Smart folks wanted to see?
Brit Miniseries
And intelligent stuff
Now their programming features
Types I’d much rather snuff
Gangsters and morons
Crime drama reruns galore
“The Art of Entertainment”
Full of dopes, drunks and whores
So what now for Lifetime?
As OWN looms in the wings?
Expect it to get dumber
If there could be such a thing