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News Worms


Disney 'Closing In' On Deal to Buy 21st Century Fox

Disney 'Closing In' On Deal to Buy 21st Century Fox

Following the WSJ report on Wednesday that the two companies were closing in on a deal, the Financial Times reported James Murdoch was "suggested" as a possible replacement for Iger in 2019.

CNBC had reported earlier on Tuesday that a deal for Disney to buy Fox's movie studio and television production assets for more than $60 billion could come as early as next week.

Disney's stock has more than tripled since Iger took over the top job in October 2005, and he leaves big shoes to fill.

According to Faber, Fox's regional sports networks are included in the proposal for the latest negotiations, meaning ESPN would take over the regional sports coverage for 44 MLB, NBA, and National Hockey League franchises that are now broadcast on Fox's regional networks.

"No promises have been made", said one of the FT's sources.

21st Century Fox declined to comment on the report to Fortune; Disney didn't immediately return a request for comment.

If Disney's bid to acquire large parts of 20th Century Fox succeeds, Chairman and CEO Bob Iger will most likely extend his contract with the company, the Wall Street Journal and Los Angeles Times report. What Disney can offer Fox, beyond its own resources, is the scale both properties need to take on tech companies, which in recent years have spent billions to grow distribution of digital video content and bulk up their programming offerings on their own platforms.

The arrangement would also give Disney the majority ownership of Hulu since it already has a 30 percent stake in the streaming platform. With Fox's entertainment assets under its belt, including Fox's corporate stake in Netflix rival Hulu, Disney might finally prove a formidable foe.

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