Disney Sells Off Most Of Its Radio Business
After shelling out $7.4 billion to purchase Pixar Animation, the Walt Disney will see its coffers partially refilled when it completes a $2.7 billion sale of its radio stations to Citadel Broadcasting, announced Monday. The deal gives Citadel 22 of ABC's 71 stations and the ABC Radio Networks. It excludes the stations that carry programming from Radio Disney and ESPN. Disney on Monday also reported a 7-percent rise in profits during its last quarter to $734 million, well above analysts' expectations. While filmed entertainment fell 60 percent, earnings from its ABC television network were up 87 percent and admissions at its theme parks rose 60 percent.