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Speaker 1: We got with us right now, Bloomberg News entertainment reporter

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Speaker 1: Chris Paul Mary in our LA bureau. Also with us,

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Speaker 1: we have a Bloomberg Wall Street Week host David Weston.

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Speaker 1: He's in the interactive Brokers studio with us right now.

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Speaker 1: David was former president of ABC News from nineteen ninety

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Speaker 1: seven through twenty ten, and before that he was president

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Speaker 1: of the ABC Television Network and general counselor of the

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Speaker 1: council of the parent company, Capital Cities ABC. Good to

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Speaker 1: have you both with us, Chris, I want to start

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Speaker 1: with you. Just give us the news here and what

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Speaker 1: we know so far.

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Speaker 2: Well, there are some interested parties now in buying ABC

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Speaker 2: the network and it's eight local stations, which are big

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Speaker 2: markets Los Angeles ABC and in New York for example,

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Speaker 2: And so it's next Star, which is the largest owner

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Speaker 2: of local stations, is one of the parties that's held

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Speaker 2: preliminary talks. We also have heard that Byron all And,

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Speaker 2: who owns a weather channel and a bunch of other

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Speaker 2: local stations, has expressed interests as well. So it's we're

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Speaker 2: far from a deal. It seems Disney seems to have

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Speaker 2: trouble making up his mind whether he really wants to

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Speaker 2: go forward with this, but there are people interested.

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Speaker 3: Chris, can you talk about how likely anything like this

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Speaker 3: would be to go through as well? I mean, we've

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Speaker 3: seen an FDC that's incredibly reactive, I suppose proactive at

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Speaker 3: the moment. I mean, is anti trust kind of a

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Speaker 3: concern here or is that something big concern?

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Speaker 2: I mean, they essentially didn't let an acquisition of a

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Speaker 2: local station owner Techno go through earlier this year. That

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Speaker 2: was a sale to private equity, so really no traditional

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Speaker 2: sort of overlap and anti trust issues. Whether that would

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Speaker 2: be a cause. I mean, if you had an ABC

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Speaker 2: would in this scenario with Nexstar, for example, own CBS

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Speaker 2: affiliates and NBC affiliates, Box affiliates, whether all those local

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Speaker 2: stations those networks would be happy about being owned by

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Speaker 2: ABC remains to be seen. So yeah, that's a big concern.

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Speaker 1: I would to bring in. David Weston, host of Bloomberg

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Speaker 1: Wall Street Week, as I mentioned, former president of ABC

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Speaker 1: News from nineteen ninety seven through twenty ten, spend years

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Speaker 1: also as president of the ABC Television and Network. David,

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Speaker 1: You've spent a lot of time at ABC, spent a

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Speaker 1: lot of time at Disney. If this were to go through,

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Speaker 1: would it be the end of an era?

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Speaker 4: Yeah, but that era may have ended anyway. I mean,

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Speaker 4: streaming sort of has changed an awful lot of eras,

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Speaker 4: and I think to some extent, all the media companies

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Speaker 4: are trying to figure out what the new era is,

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Speaker 4: not whether we're going to continue the old one. I mean,

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Speaker 4: look at the bundle that's going away. I must say

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Speaker 4: I'm not shocked that they're thinking about it. To say,

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Speaker 4: the thinking about it is not to say they're going

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Speaker 4: to do it. When Bob gave that interview and said

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Speaker 4: everything's on the table and everybodys oh my goodness, how

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Speaker 4: can you say that, Well, he wouldn't be doing his

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Speaker 4: job if he weren't willing to consider everything. Because I

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Speaker 4: think the really turmoil and upset in the media business

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Speaker 4: is just that profound, and if you're a CEO, you

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Speaker 4: should be looking at all the options. So it doesn't

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Speaker 4: surprise me looking at it would be quite a big deal,

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Speaker 4: and there'd be a lot of complexity to it, but

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Speaker 4: you know, if it makes a business sense, you can

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Speaker 4: get past a lot of complexity.

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Speaker 3: David, you said you're not surprised that this is something

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Speaker 3: you know Disney maybe looking at. Are you surprised it's

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Speaker 3: something that they may be looking at with nextar specifically, Well, it.

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Speaker 4: Depends on whether their check can kill clear and how

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Speaker 4: big the check.

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Speaker 2: Is, right.

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Speaker 4: I mean, let's be frank, this is business. This is

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Speaker 4: not personal, and you'd want that out of any CEO

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Speaker 4: and any border directors. They're taking a look at what

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Speaker 4: makes sense of our business point of view, and they

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Speaker 4: have to assess things like what are the growth potential

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Speaker 4: for the assets that they're thinking about getting rid of,

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Speaker 4: whatever those assets are, and also are they likely to

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Speaker 4: be of more value in somebody else's hands than in

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Speaker 4: their hands or is it at least likely that the

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Speaker 4: other person will perceive that they're more value than they

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Speaker 4: would be in Disney's hands. So those are the things

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Speaker 4: you have to go through, Chris.

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Speaker 1: In terms of the Disney's push to streaming, not just

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Speaker 1: with Hulu but of course Disney plus, ESPN Plus and

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Speaker 1: the like, how important is this division to that or

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Speaker 1: is it, since it's live news and local stations, not

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Speaker 1: that important.

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Speaker 2: Well, Eiger is indicated it's not that important. You certainly

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Speaker 2: could make an argue meant that it's to keep it.

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Speaker 2: I mean, it is profitable at this point. You have

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Speaker 2: so much synergies you can do. There's big sporting events

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Speaker 2: that run on ABC and ESPN. Obviously the shows that

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Speaker 2: started or run on ABC can also run on Hulu

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Speaker 2: and other streaming services. So this has been the model

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Speaker 2: that all of these big media companies have been doing,

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Speaker 2: is sort of putting the same content on different platforms.

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Speaker 2: But I think Bob has indicated that that traditional media

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Speaker 2: company model, which is shrinking so sharply, it might be

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Speaker 2: just better to just part with it at this point.

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Speaker 3: Yeah, but at the same time, you know, if the

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Speaker 3: traditional media model is sort of ending, David, I'd love

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Speaker 3: to get your views on this. You know, next Star

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Speaker 3: has been going out and acquiring bunches like lots and

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Speaker 3: lots of stations, also launched News Nation and Cable News Channel.

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Speaker 4: I mean, it's an enormous conversation. I do think it's

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Speaker 4: pbably helpful. I'd be curious what Chris thinks about this.

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Speaker 4: To go back, I was there when Disney it was

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Speaker 4: at that point, sold the ABC radio business, which was

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Speaker 4: a big business in radio. And I was there and

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Speaker 4: talking with Bob and talking with the people involved by

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Speaker 4: the way. It involved Tom Staggs and Kevin Mayer, the

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Speaker 4: people who were there with him now, and they decided

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Speaker 4: basically either they had to really double down and go

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Speaker 4: bigger and invest or they needed to get out because

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Speaker 4: there was huge consolidation going on a radio. Television is

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Speaker 4: not radio, but it sure is starting to rhyme with

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Speaker 4: it when you get an next star that has that

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Speaker 4: many television stations. And I never would have dreamed of

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Speaker 4: a world where anybody could own that many television stations.

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Speaker 4: So the question is is that the future of television?

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Speaker 4: It doesn't go away. Radio didn't go away. It's just

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Speaker 4: that they added a lot more stations. Well exactly, but

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Speaker 4: they added a lot more stations, and they consolidated. They

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Speaker 4: stripped out a lot of costs, and they tried to

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Speaker 4: make it up by selling in bulk the advertising. So

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Speaker 4: you have a lot of advertising units across a lot

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Speaker 4: of properties. And the question is is that is that

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Speaker 4: a model now for television television stations? Okay, let's talk numbers.

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Speaker 2: Oh, go ahead, Chris, Yeah, I was going to notice

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Speaker 2: the capital cities, which is how Disney acquired ABC also

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Speaker 2: owned a lot of newspapers and they sold them off

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Speaker 2: and I don't think anybody would dispute that that was

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Speaker 2: a smart decision. So yeah, those legacy media businesses can

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Speaker 2: lose their value pretty quickly over time.

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Speaker 4: Hows Chris says, they're still profitable, But the question is

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Speaker 4: the margin. I remember this is I don't think in

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Speaker 4: discreet at this point twenty years ago when I first

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Speaker 4: went to cap Cities as the General Council seeing the

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Speaker 4: presentation on the margins for the big owned stations in

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Speaker 4: Los Angeles and in New York, and it was north

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Speaker 4: of fifty percent margins. Oh, it was amazing. Now, I'm

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Speaker 4: sure they're not getting that kind of margin. Now, they

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Speaker 4: still got a significant margin. But what's the margin going

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Speaker 4: to be next year and five years from now and

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Speaker 4: ten years from now. I don't think it's going to

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Speaker 4: be bigger.

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Speaker 1: Than there was no Facebook, There was no TikTok at

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Speaker 1: that point. Google was just barely around at that point. Hey, Chris,

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Speaker 1: what are the numbers we're talking about here? How much

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Speaker 1: could the ABC stations the network be worth?

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Speaker 2: Four billion dollars is what our Bloomberg Intelligence analysts came

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Speaker 2: up with. That's based on seven times EVA DA, which

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Speaker 2: is around five hundred and seventy million. I've number was

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Speaker 2: a big surprise to me. For as I last, Disney

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Speaker 2: doesn't break out the brugh Hast business anymore, but I

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Speaker 2: can remember it it being an eight hundred million dollars

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Speaker 2: to a billion dollar business, you know, not too many

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Speaker 2: years ago, pretty consistently as well, So it's it's almost

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Speaker 2: half well.

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Speaker 1: As my dad always says, something is only worth what

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Speaker 1: someone else is going to pay for it.

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Speaker 4: Yeah, and you also have to ask after tax. Now,

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Speaker 4: they can get around things. But one of the issues

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Speaker 4: when you do a deal like this is the basis

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Speaker 4: in these things is like nothing, and so that's a

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Speaker 4: lot of taxes tobay they've got to be figuring out

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Speaker 4: a way to get around it. And by the way,

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Speaker 4: with the new money for the irs, they're clamping down

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Speaker 4: right on some of the spinoff situations. Interesting, so it

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Speaker 4: might make a different I'm not saying they can't get

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Speaker 4: past it, but I'll guarantee if they're actually working on this,

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Speaker 4: there are people working hard on that question.

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Speaker 1: So the lawyers are always the winners, David.

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Speaker 4: That's always true in life.

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Speaker 1: Yeah, absolutely, that is okay, So Chris, what else could be?

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Speaker 1: You know, David brought up Bob Iger's interview recently where

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Speaker 1: he said everything is on the table here. We're just

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Speaker 1: talking about the network and the ABC stations at this point.

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Speaker 1: What else could Iger be shopping around.

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Speaker 2: Well, we know he's also looking for a minority partner

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Speaker 2: in ESPN, and he's indicated that's probably going to be

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Speaker 2: something along the lines of a technology provider. You can

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Speaker 2: take an Apple or Google, somebody like that that would

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Speaker 2: have not just money, but some expertise at distributing this

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Speaker 2: content in new platforms, because that's the direction they're going,

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Speaker 2: is going to be an online only ESPN and in

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Speaker 2: the very near future. So that's happening. You know, right now,

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Speaker 2: the whole TV business is just in a real state

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Speaker 2: of flux, and so they've got to figure out a

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Speaker 2: way to make the Disney Plus and streaming business is profitable.

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Speaker 2: They've got to get their deal done with Comcasts to

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Speaker 2: buy the one third of Hulu they're required to buy.

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Speaker 2: So just a whole lot going on at Disney.

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Speaker 1: Hey, David, could you, just because you spend so much

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Speaker 1: time there, talk a little bit about how things used

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Speaker 1: to work with synergies When Disney released a movie GMA.

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Speaker 4: Would be all over it.

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Speaker 1: The parks would what was the machine.

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Speaker 4: My perception was when Disney bought Cap Cities ABC, Michael

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Speaker 4: Eisner ran Disney, and Michael made a huge He had

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Speaker 4: committees for synergy and he talked about to Joel time

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Speaker 4: and he got resistance everywhere. He looked Bob. One of

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Speaker 4: the things that it's under about Bob is he came

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Speaker 4: in and with really a velvet glove, got the synergies

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Speaker 4: done and behind the scenes. He's the one who actually

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Speaker 4: has synergy to and he was great at it because

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Speaker 4: he didn't demand it the way Michael did. He didn't

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Speaker 4: bully you. He just sort of cajoled and had some

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Speaker 4: people look at it, and they did a terrific job.

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Speaker 4: It was a terrific job.

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Speaker 1: I mean from the perspective of like a Star Wars

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Speaker 1: movie or something comes out. You know, there are Star

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Speaker 1: Wars themed rides across parks. Now you would see it

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Speaker 1: promoted on Good Morning America. Yeah, absolutely, I mean that's

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Speaker 1: that would be gone. Some of that would be gone.

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Speaker 4: Well, it's end of what the deal says. Yeah, you know,

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Speaker 4: when they sold the ABC Radio networks, ABC News Radio

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Speaker 4: continued with Disney and they had a long term deal

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Speaker 4: with the buyer to make sure they took the programming.

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Speaker 4: You can work around a lot of those issues with

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Speaker 4: contractual provisions. But yeah, you'd lose some of the synergies.

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Speaker 3: Sure, that's so interesting, and I guess it's interesting as

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Speaker 3: well as a lot of this stuff goes to these

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Speaker 3: more consumer accessible plays, like what synergies have completely gone

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Speaker 3: away as well, you know, no longer exists in the

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Speaker 3: business anymore too.

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Speaker 1: Yeah, that's a good point. Hey, Chris, just before we

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Speaker 1: let you go, just give us an update on the

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Speaker 1: Bob Biger turnaround.

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Speaker 2: Still a work in progress, Still a work in progress. Yeah,

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Speaker 2: I think he's I don't know if he's necessarily having

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Speaker 2: second thoughts of coming back, but he probably should be.

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Speaker 2: It's been a it's been a rough couple of year

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Speaker 2: and a half now since see we returned, you know.

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Speaker 1: So, Oh, he's got his work cut out.

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Speaker 4: I'm rooting for him, but he's a friend, so I've

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Speaker 4: got an interest in I want him to do well.

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Speaker 1: Thank you for the disclosure, David Weston. Hey, a big

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Speaker 1: thank you to both of you also for joining us. Chris,

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Speaker 1: congratulations to you and Thomas Buckley on breaking this news.

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Speaker 1: Shares of Disney Hire by one point four percent right

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Speaker 1: Now Asocial and shares a nextar Hire. Chris pal Murray

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Speaker 1: entertainment reporter for Bloomberg News David Weston. He is the

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Speaker 1: host of Bloomberg Wall Street Week, also former president of

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Speaker 1: ABC News, and he was president of the ABC Television

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Speaker 1: network and general counsel of the parent company Capital Cities

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Speaker 1: ABC