ABC, Inc. operates a television network. Its programming includes daytime and late-night talk shows, awards shows, music, movies, and news. The company also offers WATCH ABC, an application that enables users to view the ABC network live or full episodes on smartphones, tablets, computers, and over-the-top devices. In addition, it engages in the development, production, and strategic distribution of entertainment content. Further, the company offers T-shirts and clothing, DVDs and CDs, books, drinkware, and home and gifts online. ABC, Inc. was formerly known as Capital Cities/ABC, Inc. and changed its name to ABC, Inc. in September 1996. The company was founded in 1946 and is based in New Yo...
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Fox Is Reportedly Seen Selling CNN Rather Than Spinning Off
Jul 25 14
If Twenty-First Century Fox, Inc. (NasdaqGS:FOXA) succeeds in buying Time Warner Inc. (NYSE:TWX), it's likely to sell Cable News Network, Inc. (CNN) and pay billions of dollars in taxes rather than go through the headaches of spinning the cable news channel off to shareholders of the merged company, according to people familiar with the matter. Fox plans to get rid of CNN because it already operates its own namesake news network and would likely face opposition from regulators even if it wanted to keep it. Potential buyers include CBS Corporation (NYSE:CBS) (CBS) and ABC, Inc. The entire sale price would be taxable because CNN is carried on Time Warner's books at near-zero, people familiar with the company said. Fox isn't considering spinning off CNN, according to people familiar with the matter. Fox would likely face tax consequences in a spin-off as well, a person familiar with the situation said. CNN would have difficulties as a standalone company because, unwound from a cable bundle, it would likely see its subscriber fees plummet, according to people familiar with the matter. Representatives from Time Warner and Fox declined to comment, Reuters reported.