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12:06 PM EDT, 08/14/2014 (MT Newswires) -- Shares of Walt Disney Co.(DIS) rose to a new lifetime high of $88.55 Thursday after Bloomberg reported that the company is seeking a buyer for its 23 Radio Disney radio stations.
Bloomberg noted that the company will rely on satellite and the Internet to deliver Radio Disney content as more and more people are embracing digital technology to access programming.
The company will keep KDIS-AM, its L.A. station. Approximately 200 people will be laid off once the sale of the other radio stations is completed.
In a note picked up by Bloomberg, Radio Disney General Manager Phil Guerini said, "Digital technology continues to dramatically change consumer habits -- from the iPad, mobile devices and the push of connected devices into the home -- and these changes compel us to evaluate and evolve our businesses."