The Walt Disney Company has reportedly been looking into buying a portion of Fox News’ parent company, 21st Century Fox.
Fox’s cable TV networks such as FX and National Geographic Channel, the Twentieth Century Fox studio and international distribution operations were reportedly discussed in talks that are no longer on-going, according to the Wall Street Journal, citing “a person close to the discussions.”
Fox News and Fox Business Network were apparently not up for discussion and, since Disney already owns ABC, Fox broadcast would be off the table as well.
According to the Journal:
Acquiring some of Fox’s prized assets would help Disney upgrade its struggling television business, which has been hit by ratings troubles and subscriber declines at networks such as Disney Channel and ESPN. A deal would also give Disney more content for streaming services it plans to launch in the next two years and would significantly increase Disney’s exposure to foreign markets in which Fox has a stronger presence.
Fox wasn’t happy with the terms Disney proposed, but is open to the idea of selling the assets, people familiar with the matter said. Fox for years hasn’t been viewed on Wall Street or in the media industry as an acquisition target because it was run by Mr. Murdoch, who it was thought wanted to hand over the business to his sons, James and Lachlan Murdoch. The Murdochs have a 39% voting stake in 21st Century Fox.
Disney was also reportedly interested in acquiring Fox’s 39 percent stake in Sky, the U.K.-based pay-television giant. Fox had bid $15.5 billion to purchase the rest of Sky but the deal has been held up by the British government, according to the report.
“We see the real strategy here as Fox content helping Disney build out its direct-to-consumer strategy,” RBC Capital Markets analyst Steven Cahill said.
The deal, which is not currently being discussed, “would bolster Disney’s dominance in Hollywood and allow Fox to focus on sports, news and broadcast television,” according to the Journal.
A market analyst on CNBC called the potential deal a “dream come true.”
DONATE TO BIZPAC REVIEW
Please help us! If you are fed up with letting radical big tech execs, phony fact-checkers, tyrannical liberals and a lying mainstream media have unprecedented power over your news please consider making a donation to BPR to help us fight them. Now is the time. Truth has never been more critical!
- Ron Paul eviscerates Mike Johnson for ‘stiffing’ the Republicans who got him elected as speaker - April 25, 2024
- Tennessee passes death penalty for child rapists. Here’s some of the twisted reasoning why some Dems opposed it. - April 25, 2024
- Inside the demented ‘rationale’ of a squatter: ‘I have put a lot of work in here’ - April 25, 2024
Comment
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.
BPR INSIDER COMMENTS
Scroll down for non-member comments or join our insider conversations by becoming a member. We'd love to have you!