Disney and Fox are closing in on deal, could be announced next week: Sources
Disney and Twenty-First Century Fox are closing in on a deal, and it could come as soon as next week, according to sources familiar with the matter.
CNBC has been reporting that Disney has held talks with the Rupert Murdoch-controlled media company to acquire its studio and television production assets, leaving Fox with its news and sports assets. Fox is also talking with CNBC parent company Comcast, but the talks with Disney have progressed more significantly.
The deal contemplates the sale of Fox’s Nat Geo, Star, regional sports networks, movie studios and stakes in Sky and Hulu, among other properties. What would remain at Fox includes its news and business news divisions, broadcast network and Fox sports.
The enterprise value of the Fox assets in the Disney deal is seen as above $60 billion, according to sources. Current Fox shareholders would get one share of the Fox company that remains after the movie and television assets are sold plus shares of Disney in a fixed exchange ratio.
Shares of Twenty-First Century Fox finished Tuesday little changed, while shares of Disney fell 2.7 percent Tuesday. Shares of Comcast declined 2 percent.
This article was written by David Faber for CNBC.