Comcast Corp. acquired Walt Disney Co.’s 39.5% stake in E!Networks for $1.23 billion, while inking multi-year distribution agreements.

In a highly anticipated deal, the long-term distribution agreements will extend their relationship into the next decade for the 10 ABC-owned broadcast television stations and Disney’s networks and services. In addition, the companies agreed to add primetime television programs, cable network shows and Disney movies to Comcast’s On Demand service.

The deal also marks the first time ABC broadcast programs will be available on video on demand by any cable company.

“This is one of the broadest distribution agreements in the history of our company,” the president and chief executive officer, Robert A. Iger, said in a statement yesterday.

Under the movie video-on-demand agreement, Comcast Digital Cable customers will be able to order newly released movies from Walt Disney Pictures, Touchstone and Miramax for $3.99 each. The library titles will be available for $2.99 each.

Disney marks the third major network to provide some of its prime-time content available to Comcast’s on demand service after CBS and NBC.

Programming costs make up a significant segment of spending at cable companies. In the past, the industry has often blamed rising programming costs for their increased customer-subscription rates. But in recent years cable consolidation has helped the industry’s negotiating power. Comcast, the country’s largest cable operator with 24 million subscribers, has been able to use its significant size to negotiate lower programming costs.

Until recently, one of the big holes in Comcast’s strategy has been the reluctance of major entertainment companies to make prime-time TV content available on demand. The Disney deal is the latest sign companies are coming around to Comcast’s view of the world.

Comcast failed to takeover Disney in 2004, largely to acquire Disney’s content for its video-on-demand service.

Comcast and other cable operators have been pressuring Hollywood studios to make movies available on demand at the same time they are released for DVD sales. Studios have resisted this pressure for fear of hurting their DVD businesses.