The Wall Street Journal: Disney closes in on deal to acquire 21st Century Fox’s movie, TV and sports assets
Walt Disney Co. is close to a deal to acquire a large piece of 21st Century Fox Inc., people familiar with the situation say, in a pact that could help the entertainment giant accelerate its ambitions in streaming media, shore up its television business and grab hold of lucrative movie franchises.
The deal, expected to be announced Thursday, would value the assets Disney DIS, +0.17% is acquiring at $ 60 billion, including debt. Those assets include the Twentieth Century Fox movie and TV studio, cable channels including regional sports networks and key international properties. They don’t include properties such as Fox News and broadcast assets.
The deal would value 21st Century Fox FOX, -3.75% as a whole at around $ 40 a share, the people said. Disney would pay $ 28 to $ 29 a share for Fox assets, and the all-stock deal would leave Fox investors owning about 25% of the enlarged Disney, one of the people said.
Most of the assets Disney is buying would be put to use in Chief Executive Robert Iger’s quest to transform his company into a streaming-video giant that can go head-to-head with rivals such as Netflix Inc. NFLX, +1.15% He wants Disney to have its own relationships with consumers and a broad array of content to offer them online.
An expanded version of this report appears on wsj.com
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