Disney stock rises on report it's in early talks with Nexstar on possible sale of ABC

Walt Disney Co. (DIS) is in initial talks on a possible sale of ABC to local broadcaster Nexstar Media Group Inc. (NXST), Bloomberg News reported, citing people familiar with the situation. The talks are preliminary and no specific valuation has yet been discussed, the people said. The news sent Disney stock up 1% in afternoon trade, while Nexstar was up 5.9%. Disney stock has been under pressure from two Hollywood strikes involving actors and writers, a high profile fight over fees with large cable operator Charter Communications Inc. (CHTR) that was only recently resolved, and the prospect of sustained losses in its TV and streaming businesses. The stock has fallen 25% in the last 12 months, while the S&P 500 has gained 14%.

-Ciara Linnane

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09-14-23 1427ET

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