“Everyone is way ahead of their skis on this story,” a banker briefed on the talks said. “They don’t know what is happening here.”
“Disney taking a meeting doesn’t mean you’re ready to sell, it means you’re getting offers,” the banker added. “This is something evolving over many weeks.”that legacy television assets including ABC might not be considered core for Disney in the future. Nevertheless, some skeptics saw it as Iger inviting a deep-pocketed bidder to come forward. Thus far, none have materialized.
According to securities filings, Disney trades at 16 times its adjusted Ebitda, or earnings before interest, taxes, depreciation and amortization. That’s a stiff premium to Nexstar’s multiple — a little better than five times — and implies a price tag for ABC that would terrify Nexstar’s shareholders, according to sources.
That implies a realistic price tag between $7 billion and $8 billion at the most — and that is likely optimistic, according to some insiders.
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