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Disney, Comcast to buy E!
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January 27, 1997: 10:18 a.m. ET
Boards voting Monday on $320 million deal with Time Warner
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NEW YORK (CNNfn) -- Time Warner Inc. will sell its E! Entertainment Television unit to Walt Disney Co. and Comcast Corp. for $320 million, according to Monday's edition of entertainment trade paper Daily Variety.
"The boards of both Disney and Comcast are considering a transaction today," John Alchin, Comcast's senior vice president and treasurer told CNNfn. "Until that happens, there's really nothing to comment on."
Variety said the deal was signed Thursday and that it may be announced as early this week.
Disney is expected to pony up most of the money to buy out Time Warner, Variety reported. The transaction could close by early March.
The partnership structure will leave Comcast and its C3 programming division, which already owns 10.4 percent of E!, in control of the network.
Time Warner, which owns CNNfn, refused to comment on the deal. Disney officials were unavailable for comment.
Under the terms of the deal, Variety reported, it is expected that C3 will control 51 percent of the 70-percent majority stake, with Disney controlling the other 49 percent. C3's chief and former Disney senior executive Rich Frank will oversee the cable network.
No major shakeups are in the works for E!, which has 42 million subscribers and became profitable in 1996. 
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