Sunday, December 03, 2017 12:34:57 PM
https://ih.advfn.com/p.php?pid=nmona&article=76215606
Date : 12/02/2017 @ 2:23PM
Source : Dow Jones News
Stock : Comcast Corp. (MM) (CMCSA)
Quote : 38.43 0.89 (2.37%) @ 8:00PM
Disney Re-Engages in Talks to Buy 21st Century Fox Assets--2nd Update
By Dana Mattioli and Amol Sharma
Walt Disney Co. has re-engaged in discussions with 21st Century Fox to purchase some of the media giant's assets, and Comcast Corp. remains in the mix, with deal talks gaining momentum, according to people familiar with the situation.
The talks center on the Twentieth Century Fox movie and TV studio, international assets such as Fox's 39% holding in U.K. satellite TV provider Sky PLC and India's Star TV, along with some U.S. cable networks. Fox News, the Fox broadcast network and sports network FS1 aren't expected to be sold in any transaction, the people said.
Rupert Murdoch and his family, who hold 39% of 21st Century Fox's voting shares, expect to make a decision by year's end on whether to pursue a transaction, the people said.
Disney first reached out to 21st Century Fox about a possible deal several weeks ago, but the talks cooled after the two sides couldn't agree on price, among other issues, people familiar with the matter have said.
Once news of those initial talks surfaced, other potential acquirers began emerging. Comcast, Sony Corp.'s entertainment unit, and Verizon Communications Inc., are among firms that have expressed various levels of interest, the people familiar with the situation say. The extent of discussions with Sony and Verizon is unclear. A top Verizon executive last week played down the need for the company to do a big content acquisition.
Disney and Comcast are in active talks with 21st Century Fox. It is possible the talks could fall through and a deal won't be reached.
21st Century Fox and Wall Street Journal-parent News Corp share common ownership.
The assets in play would give a buyer exposure to growth in international markets as the U.S. pay-TV industry reaches maturity.
With the Twentieth Century Fox studio, they would also get a premier Hollywood content factory and strengthen their position as media consumption shifts to digital platforms.
Also on the table in some of the discussions is Fox's 30% stake in streaming service Hulu. Disney and Comcast each also own 30% of the company, so they could consolidate control by buying out Fox's stake. Fox's regional sports networks could also be sold off, the people familiar with the situation say.
The Fox deal talks are happening as another big media deal, AT&T Inc.'s proposed takeover of Time Warner Inc., is headed for court. The Justice Department has sued to block the transaction, arguing it will reduce competition and harm consumers. Some industry observers thought that any major media deal-making would be on hold as companies wait to see the result of that litigation.
A sale would mark a significant turn for 21st Century Fox, which has long been viewed as a potential buyer in the media industry, not a seller. Media companies across the board are considering new business models and strategic options as they confront a rapidly changing landscape, with consumers cutting the cable TV cord, big programming distributors flexing their muscles, and advertising revenue growth uncertain.
The remaining elements of Mr. Murdoch's entertainment empire would be much smaller if an asset sale is completed.
But the entity would likely include some engines of growth. In the September quarter, results at 21st Century Fox were driven by the cable network group including Fox News and sports network FS1, which posted a 9% increase in operating income before depreciation and amortization. Revenue from monthly pay TV subscription fees continues to grow, in part because of higher prices.
Meanwhile, operating profit at Twentieth Century Fox fell 18% from a year earlier, as last year's results were boosted by licensing deals.
Overall, Fox's profit in the September period rose 4% to $855 million. Revenue rose 7.6% to $7 billion.
Write to Dana Mattioli at dana.mattioli@wsj.com and Amol Sharma at amol.sharma@wsj.com
(END) Dow Jones Newswires
December 02, 2017 14:08 ET (19:08 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Recent DIS News
- Nike Shares Surge 7% Pre-Market as Elliott Hill Becomes CEO; FedEx Shares Tumble 13% After Profit Miss • IH Market News • 09/20/2024 10:02:58 AM
- Intel Secures $3.5 Billion Subsidy, Stellantis Backs EU Emissions Targets, BP and Apollo Reach $1 Billion Deal • IH Market News • 09/16/2024 10:03:27 AM
- GameStop plunges 11% on stock offering, DJT drops post-debate, GSK fails shingles vaccine trial • IH Market News • 09/11/2024 10:25:41 AM
- Dell, Palantir, and Erie Will Be Added to the S&P 500; Boeing Avoids Strike; Apple Event Takes Place Today • IH Market News • 09/09/2024 10:05:35 AM
- Broadcom Down 10% Post-Earnings, UiPath Up 8%; Qualcomm Eyes Intel Assets; Salesforce Acquires Own Company • IH Market News • 09/06/2024 11:59:00 AM
- Qualcomm Develops Mixed Reality Glasses; Verizon to Boost Dividend, Eyes Acquisition; Samsonite Plans US Dual Listing • IH Market News • 09/05/2024 10:11:35 AM
- DIRECTV College Football Fans Sidelined by The Walt Disney Company on Opening Weekend to Force Them to Buy Other Disney Channels and Services • PR Newswire (US) • 09/01/2024 11:05:00 PM
- Big Lots Falls 27%, Considers Bankruptcy; DraftKings Acquires Simplebet, Berkshire Hits $1 Trillion • IH Market News • 08/29/2024 10:06:50 AM
- Futures Pointing To Modestly Lower Open On Wall Street • IH Market News • 08/27/2024 01:09:07 PM
- U.S. Index Futures Edge Higher, Oil Prices Dip • IH Market News • 08/27/2024 09:37:02 AM
- Apple Names New CFO, Sony Hikes PS5 Price in Japan, Santander Launches Share Buyback • IH Market News • 08/27/2024 09:35:22 AM
- Dow Sets New Record Closing High But Nasdaq, S&P 500 Give Back Ground • IH Market News • 08/26/2024 08:44:00 PM
- Schwab and Snowflake Retreat in Premarket, WeRide Postpones IPO, Halliburton Cyberattack, McDonald’s Instagram Hack • IH Market News • 08/22/2024 09:37:42 AM
- The Walt Disney Company Board Names James P. Gorman as Succession Planning Committee Chair • Business Wire • 08/21/2024 08:15:00 PM
- Walmart Sells JD.com Stake, Microchip Suffers Cyberattack, Union Pacific Warns of Strike in Canada, and Latest News • IH Market News • 08/21/2024 12:12:11 PM
- Berkshire Reduces Stake in BofA, Hawaiian Airlines Soars 10%, Paramount Receives $4.3B Offer, and More • IH Market News • 08/20/2024 09:56:02 AM
- FuboTV Soars 12% After Venu Sports Block, Goldman Sachs Lowers U.S. Recession Odds, BHP Ends Chile Strike • IH Market News • 08/19/2024 09:28:19 AM
- Deutsche Bank Faces Shareholder Backlash, Bank of America Sponsors 2026 World Cup, Quanterix CEO Buys More Shares • IH Market News • 08/16/2024 10:03:21 AM
- Disney Names Adam Smith Chief Product & Technology Officer, Disney Entertainment & ESPN • Business Wire • 08/15/2024 07:06:00 PM
- Starbucks Rises 3%; Disney Unveils New Films and Expansions; Uber CEO Questions Tesla Robotaxi Viability, and More • IH Market News • 08/12/2024 09:46:16 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/09/2024 08:33:36 PM
- TSMC July Revenue Surges 45%, Nasdaq Accelerates Penny Stock Delistings, Moody’s Downgrades Intel to BAA1, and More • IH Market News • 08/09/2024 09:44:44 AM
- Jobless Claims Data May Lead To Initial Strength On Wall Street • IH Market News • 08/08/2024 01:06:34 PM
- Intel Sued by Shareholders; JPMorgan Raises Chance of Recession; Roblox Blocked in Turkey; Micron Resumes Share Buyback • IH Market News • 08/08/2024 09:48:43 AM
- U.S. Stocks Move Back To The Downside After Initially Extending Yesterday’s Rebound • IH Market News • 08/07/2024 08:56:08 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM