Walt Disney has held initial talks on the sale of its ABC network to local TV station owner Nexstar Media, Bloomberg News reported on Thursday, citing sources.

Shares of the media giant rose 1%, while Nexstar stock jumped nearly 6%.

Disney CEO Bob Iger said in July that the company could sell some of its traditional TV assets that have struggled for years due to the rise of streaming services.

Nexstar and Disney did not immediately respond to Reuters requests for comment.