21st Century Fox shares soar after report of sale talks with Disney
The deal that was under discussion, as reported by CNBC, would have seen Fox selling its movie studio, television production unit and entertainment networks to Disney. Fox would have kept its news and sports holdings and would restructure around those assets. It would also have kept its broadcast network and the local broadcast stations it owns.
Several reports said the talks were no longer active. CNBC said that while the “two sides are not currently talking at this very moment,” the talks “could be revisited.”
21st Century Fox (FOXA) declined to comment. A Disney (DIS) spokesperson did not immediately respond to a request for comment.
By selling its entertainment assets to Disney, Fox would free itself from having to compete with larger-scale media conglomerates like Disney and Comcast. Instead, it could refocus its business around a core group of news and sports assets like Fox News and Fox Sports 1.