Disney Wins Approval to Buy 21st Century Fox Assets
Disney won approval for its $71.3 billion bid to buy 21st Century Fox assets on the condition that it sells off Fox's local sports networks, the Justice Department said on Wednesday.
The news came after reports that Comcast is reportedly considering strategic partnerships with other companies or private equity firms in order to outbid Disney, according to the Wall Street Journal. While no immediate plans are in the works, the Journal said Comcast could turn to these options, if bidding for Fox got into the $90 billion range.
Fox announced last week it agreed to Disney's offer, which the company was forced to raise from its original $52.4 billion bid made last December. The increase came after Comcast put in a competing all-cash $65 billion offer in the wake of a judge's approval of AT&T's acquisition of Time Warner earlier this month.
Both media giants are looking for new revenue streams amid increasing competition from streaming companies like Netflix and Hulu.
One potential strategy for Comcast, according to the Journal, would be for a partner to take Fox's U.S. properties ー ie, its movie and TV studios and regional sports networks ー while Comcast gets the international assets, including Britain's Sky and Star India.
It's unclear when and if Comcast will make a move, though, as Disney and Fox postponed a shareholder vote on their deal originally scheduled for July 10. Potential partners were also not disclosed.
The DoJ is only one of the many regulators Disney needs to appease to get final approval for its deal.
Shares of Tylenol maker Kenvue are bouncing back sharply before the opening bell a day after President Donald Trump promoted unproven and in some cases discredited ties between Tylenol, vaccines and autism. Trump told pregnant women not to use the painkiller around a dozen times during the White House news conference Monday. The drugmaker tumbled 7.5%. Shares have regained most of those losses early Tuesday in premarket trading.
Scott Trench, host of the BiggerPockets Money Podcast, explores how recent rate cuts, high borrowing costs, and mortgage rates are reshaping U.S. real estate.
A look into how disruption, AI, and global economic trends are transforming the modern supply chain with Jeremy Jansen, Head of Supply Chain at Wells Fargo.
Delta CSO Amelia DeLuca reveals at the Fast Co. Innovation Festival how tech, sustainable aviation fuel, and smart operations are revolutionizing air travel.
Chipmaker Nvidia will invest $100 billion in OpenAI as part of a partnership that will add at least 10 gigawatts of Nvidia AI data centers to ramp up the computing power for the owner of the artificial intelligence chatbot ChatGPT.
Two of the nation’s biggest real estate services companies are combining in a deal that will bring Century 21, Compass and several other major brokerage brands under the same umbrella.
Colin & Samir break down YouTube’s $100B payout to creators and explore why nearly a third of Gen Alpha want to be YouTubers — plus what that means for you.
