The Walt Disney Co yesterday positioned itself for what it expects to be a multimedia explosion buy buying itself one of the big three television networks in the US with an $19,000m agreed cash and shares offer for Capital Cities/ABC Inc. Capital Cities shareholders are offered one share of Disney common and $65 in cash, a total of $122.25 for each of their shares. As well as the ABC television network and eight television stations, Capital Cities/ABC has 21 radio stations and interests in publishing and multimedia. The ABC network distributes programming to 225 affiliate stations, reaching 25% of American households. Capital Cities will operate as a unit of Walt Disney Co; no job losses are seen.
