A&E Television Networks, which is a joint venture between the Disney-ABC Television Group, Hearst Corp. and NBC Universal — has entered into an agreement to acquire Lifetime Entertainment Services, which will put several cable channels under one management team.

The new parent company, which will be called A&E Television Networks, will now encompass many channels including A&E Network, History, Lifetime Television, Lifetime Movie Network, Bio, History International, Lifetime Real Women, History en Español, Military History and Crime & Investigation Network.

Under the terms of the deal, NBCU can “elect or be required to exit the company over a period of up to 15 years,” reported Broadcasting and Cable. If NBCU exits, Hearst and Disney would become 50/50 partners.

Abbe Raven, president and CEO of A&E, will serve as head of the newly combined company. Lifetime’s CEO Andrea Wong, Nancy Dubuc at the History Channel and Robert DiBitetto at A&E will be keeping their positions, and they will all report to Raven, B&C reported.

via B&C and ABC News