Walt Disney Co has held exploratory discussions about selling its U.S. TV network ABC to regional TV station operator Nexstar Media Group Inc , people familiar with the matter said on Thursday.
Nexstar's interest is preliminary and may not lead to any deal, one of the sources said.A Disney spokesperson said while the company was "open to considering strategic options for its linear business", it has not made a decision yet on the divestiture of ABC or any other property.Disney shares closed up 1.2%, while Nexstar stock rose 5.7% following the report.Disney's ABC comprises a national television network and eight regional stations.
Nexstar has 200 owned or partner stations in 116 markets reaching over two-thirds of the U.S. population, as well as national TV networks such as CW and NewsNation. It has a market value of $5.25 billion.Reporting by Dawn Chmielewski in Los Angeles Additional reporting by Akash Sriram in Bengaluru Editing by Josie Kao
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