Disney’s ABC Stations Could Be Bought By Nexstar With “Little Friction” If They Are Sold Off, Company Advisor Tom Carter Says; Hails “Progress” In Lengthy DirecTV Carriage Dispute
13.09.2023 - 22:25
/ deadline.com
Tom Carter, a longtime former Nexstar exec who is now a senior advisor to the CEO and board of directors, says the company could acquire Disney’s local ABC TV stations with “little friction” if they become available.
Disney CEO Bob Iger spurred talk of a potential sale of the eight stations over the summer when he said some of the company’s linear TV holdings “may not be core” to the company in the future. Private equity firms are among those putting out feelers, given their sizable investments in local TV in recent years. Nexstar is a poster child for growth through M&A, with Carter estimating that the company pulled off about 40 acquisitions in his first 10 years at the company. Multi-billion-dollar deals for Media General and Tribune Media vaulted what had been a boutique Texas firm two decades ago to the No. 1 spot among all U.S. station owners, and last fall it showed its appetite again by taking a majority stake in The CW.
“We think there could be some opportunities depending on how things fall out,” Carter said of the ABC situation at an investor conference in New York hosted by BofA Securities. The former president and COO, who segued to his advisory role last month, appeared alongside Nexstar CFO Lee Ann Gliha.
Asked about investigations by Paramount Global and Disney of strategic options for their linear TV assets, Carter focused on the latter. “Disney had talked about it this way: ‘Let’s morph into a GrowthCo and a SustainableCo,'” he said, referring to the media company’s outlook during Iger’s second stint as CEO. “The only issue is, the SustainCo is funding the GrowthCo, and if you sell one, you’ve lost access to that cash flow. Granted, you’re going to have proceeds, but is that really what you want to
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