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Disney-ABC Television Group, Hearst Corporation & NBC Universal Announce Joining of A&E Television Networks and Lifetime Entertainment Services.

Publication: Business Wire
Publication Date: 27-AUG-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
NEW YORK & BURBANK, Calif. -- 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...

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