726275, Looks like it's gonna happen|
Posted by bwood, Tue Dec-05-17 10:22 AM
Disney and Fox are closing in on deal, could be announced next week: Sources
Talks have progressed and a deal could be announced as early as next week, sources tell CNBC.
The enterprise value of the Fox assets in the deal is seen as more than $60 billion.
Fox would sell movie and television production assets and keep its news, sports and broadcast network.
David Faber | @DavidFaber
Published 34 Mins Ago Updated 12 Mins Ago
Walt Disney Co. and 21st Century Fox are closing in on a deal and it could come as soon as next week, according to sources familiar with the matter.
CNBC has been reporting that Disney has held talks with the Rupert Murdoch-controlled media company to acquire its studio and television production assets, leaving Fox with its news and sports assets. Fox is also talking to CNBC parent company Comcast, but the talks with Disney have progressed more significantly.
The deal contemplates the sale of Fox's A&E, Star, regional sports networks, movie studios and stakes in Sky and Hulu, among other properties. What would remain at Fox includes its news and business news divisions, broadcast network and Fox sports.
The enterprise value for the Fox assets in the Disney deal is seen as above $60 billion, according to sources. Current Fox shareholders would get one share of the Fox company that remains after the movie and television assets are sold plus shares of Disney in a fixed exchange ratio.
Shares of 21st Century Fox rose 3.5 percent, while shares of Disney fell 0.98 percent Tuesday. Shares of Comcast fell 0.77 percent.