Prentiss Fraser, who headed up the U.K.-based Fox Networks Group Content Distribution business, has left in the wake of the Disney-Fox deal.
A second day of mass layoffs has begun on the Fox lot in the wake of Disney completing its acquisition of 21st Century Fox on Wednesday. Longtime 20th Century Fox Television Distribution President Mark Kaner is among the senior executives who were formally notified with severance details on Friday morning.
21st Century Fox President Peter Rice held a town hall meeting on the lot today to reassure staffers amid jitters related to the pending acquisition by The Walt Disney Co. of key Fox assets, including 20th Century Fox movie studio, 20th Century Fox Television TV studio and FX Networks. While there had been some optimistic early estimates that the deal, announced last December, could go through regulatory approval faster, Rice said the transaction will most likely be completed by end of summer 2019 at the latest, close to the 18-month conservative initial projection.
Comcast is considering a new offer for Rupert Murdoch’s 21st Century Fox assets, despite an agreement in December to sell them to Walt Disney Co for $52.4 billion, according to people familiar with the matter. Comcast’s deliberations indicate that it believes it still has a chance to clinch a deal with Fox, even though its previous bid last year for more than $60 billion was rejected over concerns that regulators worried about media consolidation could thwart it, the sources said.
Comcast may consider topping Disney’s bid for Fox, according to people familiar with the matter. No decision has been made by Comcast on a topping bid yet, said the people, who asked not to be named because the decision is private.
He now seems all but certain to assume the helm after his brother, current Fox CEO James Murdoch, sees through a $52.4 billion asset sale to Walt Disney Co. over the next 12 to 18 months. The question — for the global media and investors alike — is what will happen then.
Rupert Murdoch’s decision to sell most of 21st Century Fox has many wondering what the future holds for him and the two sons who seemed on the cusp of taking over his vast empire.
Disney, which two weeks ago announced a deal to buy $52.4 billion of Fox TV and movie assets, has made clear its intention to go head-to-head with Netflix, saying it plans to yank its Disney movies and TV shows from the streaming giant in 2019 for its own soon-to-be-launched service.
The Wall Street Journal reports that Rupert Murdoch’s decision to sell the Twentieth Century Fox studio to Walt Disney while retaining the Fox broadcast network, has raised fears in Hollywood about the company’s commitment to entertainment programming, and created uncertainty about the network’s stability and future. Journal subscribers can read the full story here.
Can anyone with even the most nominal understanding of these businesses argue that having one company own the ESPN channel group along with the Fox regional sports channels would be good for consumers and competition?
Lawmakers on the House and Senate’s top antitrust committee say Congress should take a closer look at Disney’s $52 billion bid to buy 21st Century Fox.
Rather than the foundation of a bold new venture, in his call with analysts yesterday Rupert Murdoch talked about “New Fox” as if it would be a nice annuity for shareholders. He and his sons could surprise me by marshalling their great wealth and launching a new offensive on the media status quo, but I’m not betting on it.
The 86-year-old media mogul Rupert Murdoch and his family would emerge as the single largest individual shareholders in Disney once the proposed $66 billion deal for 21st Century Fox’s film and television assets closes. Only the mutual fund Vanguard would have more significant holdings in the Burbank media giant. The Murdochs stand to receive nearly 88 million Disney shares in the all-stock deal, based on the number of Fox shares he and his family trust reported in regulatory filings.
Wall Street signaled its approval of the massive Disney-21st Century Fox transaction, sending shares in Disney up 3% and Fox’s up nearly 7% Thursday.
Disney’s purchase today of much of Fox’s assets could make the company the most dominant force in streaming, both live and subscription video on demand.
Fox Chairman Rupert Murdoch says if his post-divestiture company adds more stations, “it will give us greater strength in getting clearances. We will be in a mood to expand and do new things. And we will have the ability.”
Disney’s $66 billion acquisition of Rupert Murdoch’s 21st Century Fox will help it accelerate its digital direct-to-consumer strategy, accelerate growth at Hulu and allow ESPN to become a global powerhouse, CEO Bob Iger said this morning in a call with investors.
The Walt Disney Co. this morning announced its acquisition of a major portion of 21st Century Fox in a deal that dramatically positions Disney for the future. Before the buyout, 21st Century Fox will separate the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, FS1, FS2 and Big Ten Network into a newly listed company that will be spun off to its shareholders.
The $50 billion deal, which could be announced this week, would mark a significant turning point in the empire-building career of Fox’s founder and executive chairman, 86-year-old Rupert Murdoch. It would also be a defining moment for Disney and its CEO Robert Iger. It’s just the kind of consolidation media investors have said was long overdue.
As Disney and 21st Century Fox continue negotiations on the acquisition of a group of prized Fox divisions in a deal that could be announced soon, one of the assets left behind has largely been overlooked in reports on the mega-merger: the 28 Fox O&Os. The stations could be key to Rupert Murdoch’s growth plans for s trimmed-down 21st Century Fox, industry insiders say.
21st Century Fox and Disney are on a “glide path” for a Thursday deal announcement, sources familiar with the deal say. Disney became the sole suitor after Comcast dropped its bid for the majority of Fox assets on Monday.
Walt Disney Co.’s planned acquisition of much of Rupert Murdoch’s 21st Century Fox media company — a deal that is expected to be completed as early as this week — could prompt a brain drain of high-level Fox executives in the coming months.
Walt Disney Co. may announce a deal as soon as this week to acquire a large piece of 21st Century Fox, according to a person familiar with the matter, transferring legendary Hollywood properties to new owners. A trust belonging to Executive Chairman Rupert Murdoch and his family would end up with a small stake in Disney in the transaction, the person said.
More signs that Disney’s acquisition talks with 21st Century Fox are picking up steam: Both companies have set teams of bankers on the case to work out the fine print. Disney is working with a group that includes JP Morgan and Guggenheim Partners. Fox has Goldman Sachs and Centerview Partners crunching its numbers.
If Disney’s billions have their way, most of 21st Century Fox will soon move into Cinderella’s Castle. The biggest downside of such a deal for the Murdochs may be the loss of the TV production studio run successfully by Dana Walden and Gary Newman for the last 18 years that has generated hits for the Fox broadcast network like 24, Family Guy, Empire and American Horror Story.
A month after it sued to block AT&T’s purchase of Time Warner, President Trump’s Justice Department may have to start scrutinizing another big media deal: Disney is widely expected to acquire the majority of 21st Century Fox. In some respects, a potential Disney-Fox deal would pose more antitrust problems than a combination of AT&T and Time Warner, CNN’s parent company.
Who gets the keys to the TV kingdom? Who runs the film studio? And will a Murdoch be in line for Bob Iger’s throne? There are more questions than answers as the possibility of Disney acquiring the 20th Century Fox studio and other significant assets from 21st Century Fox appears to be gaining steam.
Disney’s bid for Fox and AT&T’s push for Time Warner reveal a Death Star theory of media, but what if bigger isn’t always better?