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Disney Buys Fox Assets in $52 Billion Split of Murdoch Realm

December 14
16:02 2017

Walt Disney Co. agreed to a $52.4 billion deal to acquire much of the global empire that media baron Rupert Murdoch assembled over three decades, from a fabled Hollywood studio to Europe’s largest satellite-TV provider to one of India’s most-watched channels.

Holders of Murdoch’s 21st Century Fox Inc. will get 0.2745 Disney share for each Fox share, for assets including the movie and TV production house, a 39 percent stake in Sky Plc, Star India, and a lineup of pay-TV channels that include FX and National Geographic, the companies said in statements Thursday. The price amounts to about $29.54 a share, based on Disney’s closing price Wednesday. Both companies’ stocks slipped in early trading.

Via a spinoff, the mogul will continue to run Fox News Channel, the FS1 sports network and the Fox broadcast network in the U.S. Disney Chief Executive Officer Bob Iger will remain in his role through 2021, the companies said. Fox plans to complete its planned acquisition of the 61 percent of European broadcaster Sky that it doesn’t already own, which will wind up in Disney’s hands.

Continue Reading at Bloomberg

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