Which American television network owner did Disney acquire in 1996 for approximately $19 billion?

Disney acquired Capital Cities/ABC in 1996 for approximately $19 billion.

The Walt Disney Company announced the agreement in July 1995, and shareholders approved it before the transaction closed in February 1996. Capital Cities/ABC owned the ABC television network, several local television stations and publishing assets, including parts of the ESPN business.

The acquisition transformed Disney from a company centered on films, theme parks and consumer products into a major television and media group. Disney already owned a minority stake in ESPN and became its controlling owner through the transaction. The deal also gave Disney a large broadcast network and helped it distribute entertainment to a much wider audience.

The purchase is sometimes described simply as Disney buying ABC, but Capital Cities was the publicly traded parent involved in the transaction. The price was paid in cash and Disney shares, making it one of the biggest media deals of the 1990s.