New York/Burbank, August 27, 2009 – The Disney-ABC Television Group, Hearst Corporation and NBC Universal today announced an agreement for A&E Television Networks to acquire Lifetime Entertainment Services. The parent company will retain the name A&E Television Networks, LLC (AETN), and its subsidiary will retain the name Lifetime Entertainment Services, LLC. The closing of the transaction is subject to customary closing conditions and is expected to occur in 2009. Financial terms were not disclosed.
Abbe Raven, president and chief executive officer of AETN, will serve as head of the combined company following the closing. Raven has been recognized with numerous industry awards for building some of the most prominent brands in media including A&E Network, History and The Biography Channel, and for spinning them off into successful global franchises. Andrea Wong, president and CEO of Lifetime Entertainment Services, will continue to head the Lifetime Networks and will report to Raven following the closing. Robert DeBitetto, president and general manager, A&E Network and The Biography Channel, and Nancy Dubuc, president and general manager, History and History International, will both continue to report to Raven and run their respective networks.
The new agreement will, upon closing, consolidate three of the nation’s top cable networks under single management while preserving the distinct brand identities of each network. In addition, the combined company will be a global media content company reaching over 250 million homes worldwide in more than 140 countries around the globe. AETN will now include: A&E Network, History, Lifetime Television, Lifetime Movie Network, Bio, History International, Lifetime Real Women, History en Español, Military History and Crime & Investigation Network. Combining the resources, libraries and multiple platforms of 10 brands, including more than 20 Web sites, the new company will be well positioned to create new opportunities for expansion and cross-promotion, as well as build upon the record of success and strengths across a broad variety of audiences, platforms and programming. The combination of these businesses is also expected to yield substantial cost efficiencies.