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. Last Updated: 07/27/2016

Disney 7TV Deal Done

Walt Disney paid $300 million for a stake in a broadcaster owned by Alisher Usmanov and his partner Ivan Tavrin.

Disney gains 49 percent of 7TV, a unit of Usmanov's and Tavrin's UTH Russia, according to a Disney regulatory filing dated Wednesday. The transaction closed Nov. 18.

Disney said last month without disclosing the purchase price that it would change 7TV's name to Disney Channel. Disney will jointly operate the broadcast network with UTH and intends to promote its theme parks to a Russian audience, chief executive Bob Iger said last month. The Disney Channel already reaches about 5 million of the country's 50 million TV households through cable and satellite operators.

(Bloomberg)