Disney and Hearst Explore Sale of A+E Global Media

The Walt Disney Co. and Hearst Corp. have begun exploring strategic options, including an outright sale, for their 50-50 joint venture A+E Global Media, according to people familiar with the matter. The partners have hired the investment-banking arm of Wells Fargo to gauge market interest in the company, which houses cable channels A&E Network, Lifetime and History as well as a portfolio of streaming apps, FAST channels and content studios. The move comes as major media groups shed legacy cable assets amid accelerating cord-cutting and a pivot to streaming. NBCUniversal plans to spin off most of its cable networks into a new entity called Versant later this year, while Warner Bros. Discovery is preparing a similar separation of CNN, TNT, TBS and other linear channels. Sources cautioned that Disney and Hearst could decide to sell only parts of A+E or retain the business if bids fall short of expectations.