Iger: Disney Decision Coming "Soon" On ABC Radio Sale
September 27, 2005 at 10:00 AM (PT)
DISNEY's soon-to-be-CEO BOB IGER told the GOLDMAN SACHS COMMUNICOPIA conference that a decision is coming on whether to sell the company's radio division and "should be resolved relatively soon for all the right reasons." IGER said that "(w)e are taking a long, hard look at these businesses" and will determine if radio "should be combined with some other assets and we let shareholders own that, or should we stay the course." DISNEY has been reported to be considering selling its 71 stations, possibly in a spinoff to a new company in partnership with an established radio broadcaster; whether the ABC radio networks would be included has been unclear.
We are taking a long, hard look at these businesses...
IGER also said that the company would be scaling back the number of movies released by the MIRAMAX division now that BOB and HARVEY WEINSTEIN are no longer in charge of the studio. In addition, IGER announced a deal with VERIZON to offer DISNEY and ESPN programming and broadband services through VERISON's Internet service, with the companies cooperating in tracking illegal distribution of copyrighted material.
Also at the conference, TIME WARNER CEO RICHARD PARSONS said that the company's main focus is AOL, which he said needs to "accelerate the path we've been on"- boosting ad sales to counter a loss of subscription revenue- "with greater urgency." AOL, which PARSONS said the company will keep in its portfolio, has been moving its content onto the Web, and has been bolstering its RADIO@AOL offerings with additions like music channels from XM SATELLITE RADIO.