This Day In Market History: Disney Buys ABC

Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.

What Happened? On this day in 1995, Walt Disney Co DIS acquired Capital Cities/ABC Inc. for $19 billion.

Where The Market Was: The Dow Jones Industrial Average closed at 4,715 and the S&P 500 traded at 562.

What Else Was Going On In The World? In 1995, Michael Jordan returned to the NBA after a brief retirement to play professional baseball. The New York Times and Washington Post published the Unibomber’s manifesto, which was 35,000 words in length. The average price of a new house was $113,150.

Media Mega-Merger: ABC started as a radio network way back in 1943, but it had grown into a media giant by the 1990s. When Disney acquired Capital Cities/ABC Inc. in 1995, it took control of the ABC network, 10 television stations, 21 radio stations, an 80 percent ownership stake of ESPN and ownership stakes in various other TV channels and magazine and newspaper properties.

As of 2016, ABC had eight owned-and-operated TV stations and more than 232 U.S. affiliates.

Disney is still expanding its media empire to this day, with its recent $71 billion buyout of Twenty-First Century Fox Inc FOXA. Disney has also launched its own direct-to-consumer ESPN streaming service, as well as TV and movie streaming service Disney+ in 2019.

See also: How to Buy Disney Stock

Photo: Jim.henderson, from Wikimedia Commons

Posted In: ABCthis day in market historyM&AEducationGeneral

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.