Disney Expects ABC Radio Sale To Close In 2007
November 10, 2006 at 6:02 AM (PT)
REUTERS reports that WALT DISNEY CO. CFO TOM STAGGS said on THURSDAY (11/9) the company expects to close the sale of its ABC RADIO business to CITADEL BROADCASTING CORP. in the first half of calendar 2007.
In a conference call with analysts, STAGGS said DISNEY has had discussions regarding possible modifications to the agreement to facilitate CITADEL's post-closing financing.
He also said that, upon completion of the transaction, the portion of DISNEY's radio assets involved would be treated as discontinued operations. As a result, financial results for the assets included in the deal would be excluded for all periods.
Those assets represented 4 cents per share of DISNEY's earnings in 2006, STAGGS said.
Meanwhile, DISNEY reported that fiscal fourth-quarter net income climbed from $379 million (19 cents/share) to $782 million (36 cents).