What Comcast Buying Fox Instead Of Disney Would Mean
10 May, 2018, 00:19 | Author: Kristi Dunn
Shares of the media conglomerate, which is in the process of buying film and TV assets from Twenty-First Century Fox Inc, slipped 0.5 percent to US$101.23 in after-hours trading. Comcast stock was down more than 3 per cent, and Disney shares were down less than 1 per cent. Disney is going to be launching its own video streaming services in 2019.
However, the plot has thickened significantly, because according to Reuters, US cable operator Comcast Corp is preparing to "gate-crash" the deal and come bowling in with its own offer. Disney raised some single-day admission prices in February.
Disney in March announced a reorganization that positions two top executives as potential successors to Mr. Iger: Kevin Mayer, who was named chairman of a new direct-to-consumer and global segment, and parks chief Robert Chapek, who added consumer products to his portfolio.
"It doesn't necessarily mean that we're going to build something anytime very soon, but we're going to look", he said.
This isn't the first time Comcast has been interested in Fox's media assets. (21st Century Fox) today announced that they have entered into a definitive agreement for Disney to acquire 21st Century Fox, including the Twentieth Century Fox Film and Television studios, along with cable and worldwide TV businesses, for approximately $52.4 billion in stock (subject to adjustment). Inside Disney, a role for him was always seen as uncertain, according to people familiar with the matter.
However, that deal may soon be off the table, as Comcast has started a bidding war not only for the acquisition of the Britain based satellite group Sky, but reportedly began discussions to find a way to beat Disney to the punch in acquiring Fox.
The Fox purchase is created to bring in more programming to help attract streaming audiences.
Iger spoke with CNBC ahead of the Disney's Quarter 2 earnings call for 2018, when he said he's confident that the company will close the deal for 20th Century Fox and many other properties.
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