It is looking like the deal between Disney and Fox will be announced on Thursday according to a report by CNBC on Tuesday.
Disney is set to acquire key entertainment and sports assets from 21st Century Fox, including its film and TV studio in this $60-billion plus deal.
Both Fox and Disney have not released statements yet according to a report by Variety. Disney shares were up to just over $107 (an increase of 0.44%) in early morning trading, while shares of Fox rose to $33.37 (a .33% increase).
Not all of Fox’s assets will transfer to Disney. Fox News, the Fox broadcast network, and Fox Sports 1 will be retained by what will be a new, independent company, worth roughly $10 per share according to CNBC. Fox shareholders will get a stake in the new company, along with shares of Disney, as part of the impending deal.
With this pact, the landscape of the entertainment business will be forever changed, eliminating one of the six major studios and giving Disney access to a vast library of shows and movies. All of this happening as as Disney works to launch a streaming competitor to Netflix. In recent years, and under CEO Bob Iger, Disney has created quite a legacy of spending big to nab major entertainment companies like Marvel, Pixar, and Lucasfilm.
Photo credit: CNBC
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