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21st Century Fox held talks to sell assets to Disney: report

By
Richard Morgan
Published Nov. 6, 2017
Updated Nov. 7, 2017, 3:55 p.m. ET

Twenty-First Century Fox shares spiked 9.9 percent Monday after a report that the company has talked to Disney about selling parts of its media assets.

The talks between the two are no longer ongoing — but they could start up anew, according to the report.

Fox, which owns Twentieth Century Fox, the Fox News Channel and the Fox broadcast network, discussed selling its Hollywood studio, TV production unit and some overseas assets to the Mouse House, according to CNBC, which cited people familiar with the situation.

Fox’s entertainment cable networks, FX and National Geographic, were also included in the sale talks.

A price was not disclosed in the report.

The Fox News Channel, Fox Business Network, Fox Sports and the broadcast network would not be sold.

Both companies declined comment.

Bloomberg reported that the talks, which took place over the last two weeks, are considered dead.

Others gave the report, confirmed by other news outlets, more credibility.

The talks come amid the changing video consumption habits of Americans — who are opting more for offerings from Netflix, Facebook, Amazon and Google.

As such, content providers need critical mass.

Needham entertainment analyst Laura Martin called the possible tie-up “a dream come true.”

“Putting these assets under Disney’s hands will make them a lot more money,” she said of a transaction she estimated would cost Disney between $20 billion and $30 billion.

“At the end of the day, Fox will get more money than it could have by its operating those businesses,” she said.

Amir Malin of Qualia Capital, an investment firm focused on media and entertainment, was also optimistic — especially in light of Disney’s plan to launch two direct-to-consumer streaming services in the next two years.

Indeed, since announcing in August it will pull its movies from Netflix at the end of 2018 and put them on its own over-the-top platform in 2019, Disney has had some on Wall Street wondering if its library, massive as it is, has enough content to mount a Netflix-like alternative.

Disney’s other OTT platform — an ESPN service featuring some 10,000 sporting events each year — has not raised any worries.

“There is some logic to a potential M&A transaction: cost synergies, Fox IP contributing to Disney’s streaming platforms, an expansion of content for both the film and TV distribution lines,” Malin told The Post.

“It would certainly create a content engine juggernaut — ‘Alien,’ ‘Avatar,’ ‘Planet of the Apes’ and ‘X-Men’ back into the world of Lucasfilm, Marvel and Pixar.”

Fox shares closed at $27.45. Disney shares gained 2 percent, to $100.64.