A&E Television Networks, the partnership between Disney/ABC, Hearst Corp. and NBC Universal, has officially acquired Lifetime Entertainment Services, the companies announced Thursday morning.
Move had been in the works for months, and the transaction is expected to close sometime later this year.
Under the new setup, A&E Television Networks will continue to serve as parent company of the combined entity, with prexy/CEO Abbe Raven remaining as head.
Lifetime CEO Andrea Wong will continue in her role, but now report to Raven. A&E/Biography president/GM Bob DeBitetto and History/History International prexy/GM Nancy Dubuc will also continue in their current roles and report to Raven.
New pact gives NBC Universal a stake in Lifetime for the first time; prior to this, Lifetime was a 50/50 partnership between Disney/ABC and Hearst, while Disney/ABC and Hearst owned 37.5% each of A&E, with NBC U owning the other 25%.
Under the new setup, the entities said there “are mechanisms by which NBC U may elect or be required to exit” the combined A&E Television Networks over the next 15 years. In that event, Disney/ABC and Hearst would become 50/50 partners in the joint venture. NBC will own a smaller percentage of the new company than Disney/ABC and Hearst.
News of the possible merger first broke earlier this summer.
Combined entity will include A&E Network, Lifetime, History, Lifetime Movie Network, Bio, History International, Lifetime Real Women, History en Espanol, Military History and the Crime and Investigation Network.
“Consolidating these networks puts a powerful portfolio of distinct brands under the strategic vision of one of the industry’s most innovative and effective leaders,” said Anne Sweeney, co-chairman of Disney Media Networks, and president of the Disney/ABC Television Group. “The new company will be much greater than the sum of its parts, positioning these brands for a new level of success and performance.”
NBC Universal TV Entertainment chairman Jeff Gaspin noted that A&E TV Networks’ “success is the result of a long an dvery successful partnership involving NBC U, Disney/ABC and Hearst.”
Hearst Entertainment and Syndication prexy Scott Sassa said he believed 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.”
