is on the block.
The media company said late Monday that it has hired UBS as a financial adviser to help it explore strategic alternatives, including a potential sale.
Shares of the
publisher jumped 76 cents, or 14%, to $6.10 in after-hours trading. The stock had already gained 4.7% during the regular session on more than twice its average daily volume.
"The company has made significant improvements throughout its businesses and the Board is very pleased with the growth and strategic direction under CEO Richard Battista," said Chairman Anthea Disney in a statement. "We are now poised to investigate the range of available strategic alternatives for continuing to build shareholder value."