Rich Greenfield Breaks Down Why He's Bearish on Disney Buying Fox
Disney struck a deal on Thursday to help build up its arsenal of content as it prepares to launch its own video streaming service.
The media giant agreed to pay more than $52 billion for most of 21st Century Fox, adding the company's film and TV studios, international properties and channels such as FX.
But BTIG analyst Rich Greenfield says doesn't understand why the company wants to increase its exposure to the "troubled legacy media business."
"This feels like Disney is cementing itself in the past, rather than aggressively moving into the future," he told Cheddar in an interview shortly after the deal was announced. "There were a lot of transactions they could've done that would've been a lot more exciting than this."
The alternatives? Greenfield says Snap, Twitter, Activision-Blizzard, or Spotify would all have been better options.
But the deal does give Disney ownership of high-profile franchises such as "X-Men" and "The Simpsons," titles that could make the library for its own planned streaming service more attractive.
The company said in August that it will pull content off Netflix in 2019. Instead, films from "Iron Man" to "Star Wars" to "Toy Story" will only be available on its own platform.
To watch the full interview, [click here](https://cheddar.com/videos/btig-analyst-rich-greenfield-on-disney-fox-deal).
The Senate Banking Committee held a hearing Thursday on the cannabis bill the Secure and Fair Enforcement (SAFE) Banking — a first step toward what advocates hope will be a full vote on the Senate Floor.
Wall Street saw another day of losses in the market amid continued concerns over the banking sector and as investors digest the latest inflation data. Francis Oh, Asia-Pacific CEO of Qraft Technologies, joined Cheddar News to break down what can be expected with the Federal Reserve's move on interest rates and what to look out for with A.I. stocks, which are seeing big gains.
Adidas has decided to try to sell a portion of its remaining Yeezy shoe inventory and donate the proceeds to chartitable organizations, CEO Bjørn Gulden said Thursday.
Peloton is recalling more than 2 million exercise bikes over a safety concern with its bike seat post, and the Consumer Product Safety Commission said it's received some injury reports.
Peloton is recalling more than 2 million of its exercise bikes because the bike’s seat post assembly can break during use, posing fall and injury hazards.
