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Disney Radio Business Gets Three Bids

Walt Disney Co. has received three offers for its nearly $3 billion radio business, the Financial Times reported.


Emmis Communications Corp., Entercom Communications Corp. and Citadel Broadcasting Corp. made offers for the radio group, which includes 72 stations as well as ABC News Radio and ESPN Sports Radio.


The Financial Times said Disney was underwhelmed by the offers.


Michael Eisner, who is stepping down as chief executive in September, is believed to have received bids for the radio unit and decided not to sell because the offers weren’t high enough. Bob Iger’s appointment to the position has prompted a new round of offers.


The most likely deal for the unit is expected to be a tax-efficient sale that would involve adding debt to the radio group to extract cash, followed by a spin-off of the radio business, the newspaper reported.

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