Disney is selling its 50% stake in A+E Global Media to Hearst for more than $1 billion in cash, according to Deadline. The deal, first flagged by LightShed analyst Rich Greenfield, is being finalised and was expected to be announced at Disney's upcoming earnings call.

A+E Global Media is the company behind A&E, History, Lifetime, FYI, and A+E Studios — a 50-50 joint venture that Disney and Hearst have co-owned for years. The sale hands Hearst full ownership of a cable portfolio that reaches roughly 58 million households per channel for A&E and History, according to Media Research estimates cited in Disney's FY2024 annual report. Paul Buccieri is set to continue as President & Chairman of A+E Global Media after the transaction closes.

The roots of this deal go back to July 2025, when Disney and Hearst retained Wells Fargo to explore a sale. Early in the process, Starz, Roku, and private equity firms were rumoured as potential buyers before Hearst emerged as the most likely purchaser. The sale began under Disney CEO Bob Iger and was completed under his successor, Josh D'Amaro.

What makes A+E attractive is straightforward: it is profitable, carries no debt, and owns a large portion of its own content — a rarity in cable television. That content library includes productions from A+E Studios, which makes the Netflix series The Lincoln Lawyer. A+E Global Media also holds stakes in Propagate, Range Media Partners, and Vice Media. Buccieri's early adoption of the FAST channel model — free, ad-supported streaming channels that deliver linear-style programming without a subscription — contributed to the company's financial health. A+E Networks officially rebranded as A+E Global Media in March 2025, renaming its ad sales division to A+E Media Solutions in the same move.

This is Disney's first major step in reducing its traditional television footprint. The shift is notable because Disney CFO Hugh Johnston reaffirmed on the company's May 2026 earnings call that Disney did not plan to spin off or sell its linear TV networks. Iger himself said in 2023 that linear networks "may not be core" assets, then walked back the comments. Greenfield, for his part, endorsed the exit plainly: "We firmly agree with Disney's decision to reduce its linear TV exposure by exiting its 50% stake in A&E Networks."

Disney and Hearst share another joint venture: ESPN, where Disney holds a 72% majority stake and Hearst holds 18%. That partnership is not part of this sale. Disney's Q4 FY25 earnings press release, dated November 13, 2025, noted that the Fiscal 2026 Entertainment segment outlook was "primarily related to A+E Global Media," signalling the venture's weight in Disney's broader financial picture.

Hearst's path to full ownership echoes its earlier move in July 2012, when NBCUniversal sold its 15.8% stake in A&E Networks to Disney and Hearst for $3.03 billion, making the two companies equal partners. Hearst CEO Steve Swartz confirmed the 50-50 structure in his 2025 annual letter.

Deadline reached out to Disney, Hearst, and A+E for comment on the deal. No responses have been reported.