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Disney deal to buy Fox assets for $60B imminent, report says

13 December 2017, 06:14 | Jermaine Blake

CNN Money Disney is widely expected to acquire the majority of 21st Century Fox

Disney-Fox deal would be a media and entertainment earthquake

Disney's plan if successful would be one of the most daring shakeups to happen to the traditional media firm, the 21 Century Fox, which is on the brink of selling its largest assets worth about $68 billion to Disney.

Fox and Disney are on a "glide path" for a Thursday deal announcement, CNBC reported on Tuesday.

With Comcast out of the running as of Monday, it's now down to settling on a price for the assets.

"When a set of assets like 21st Century Fox's becomes available, it's our responsibility to evaluate if there's a strategic fit that could benefit our company and our shareholders", Comcast said in a statement. That is what we tried to do and we are no longer engaged in the review of those assets.

The German production company first acquired the rights to the Fantastic Four and the Silver Surfer back in 1986, producing the unreleased low-budget 1994 movie in order to hold onto said rights before forming a partnership with Fox in 1999 which ultimately led to Tim Story's two Fantastic Four movies, and the failed 2015 reboot. It earned more than United States dollars 600 million worldwide as a bleak, R-rated superhero film, but while that success was heartening, Mangold fears a future in which Disney would never allow such a film to be made because of merchandising concerns.

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These include Fox's FX and National Geographic cable channels, its movie studio, the Star network in India and stake in European pay-TV provider Sky. This move would up Disney's ownership in the company to 60% and could help the entrainment power as it pursues its own stand-alone streaming services in 2018.

When Disney initially decided against going ahead with the deal with Fox, many other studios expressed their interested in the acquisition including Sony.

Fox shares have jumped by close to a third over the past three months.

Rumors of the Disney/21st Century Fox deal's demise may have been exaggerated.



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