Disney stock rises on report it’s in early talks with Nexstar on possible sale of ABC

Walt Disney Co.
DIS,
+1.20%
is in initial talks on a possible sale of ABC to local broadcaster Nexstar Media Group Inc.
NXST,
+5.51%,
Bloomberg News reported, citing people familiar with the situation. The talks are preliminary and no specific valuation has yet been discussed, the people said. The news sent Disney stock up 1% in afternoon trade, while Nexstar was up 5.9%. Disney stock has been under pressure from two Hollywood strikes involving actors and writers, a high profile fight over fees with large cable operator Charter Communications Inc.
CHTR,
+2.27%
that was only recently resolved, and the prospect of sustained losses in its TV and streaming businesses. The stock has fallen 25% in the last 12 months, while the S&P 500
SPX,
+0.84%
has gained 14%.