It's official. Disney will buy Fox properties for $52 billion in stock. Rich Greenfield, Media & Tech Analyst at BTIG, joins Cheddar soon after the announcement to break down why he thinks this deal cements Disney in the past, rather than projecting it into the future.
Greenfield says if Disney bought Snap, Twitter, Activison, or Spotify it would have been more exciting than this Fox deal. Its mobile strategy is lacking, so although it will have tons of content, it still doesn't have that mobile presence and is taking on a lot of risk by buying Fox. Who are the biggest losers in this deal? Greenfield believes it's the consumer.
As far as how this deal impacts streaming networks: Greenfield thinks this will actually help Netflix in the short-term. Hulu, though, will still be a mess ownership-wise, as no one was able to give a clear answer as to who's in charge of the streaming network.
This deal is not a slam dunk and will have to jump through many regulatory hurdles before it's closed in the projected 12-18 months. Fox shareholders will hold a 25% stake in Disney, and the deal is expected to save $2 billion in costs. Disney CEO Bob Iger will stay at the company through 2021.
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Disney content has gone dark on YouTube TV, leaving subscribers of the Google-owned live streaming platform without access to major networks like ESPN and ABC. That’s because the companies have failed to reach a new licensing deal to keep Disney channels on YouTube TV. Depending on how long it lasts, the dispute could particularly impact coverage of U.S. college football matchups over the weekend — on top of other news and entertainment disruptions that have already arrived. In the meantime, YouTube TV subscribers who want to watch Disney channels could have little choice other than turning to the company’s own platforms, which come with their own price tags.
