XAutoplay: On | OffAccording to CNBC sources, Fox has been in talks over the last few weeks to sell most of itself to Disney, though a deal is not a certainty, and the outlet says Disney and Fox are not in talks "at this very moment".
Fox and Disney have not commented publicly on the reported talks.
Executives reportedly believe that Fox could compete more effectively if it consisted of "a more tightly focused group of properties around news and sports". The deals with Fox were signed long before Disney bought Marvel Entertainment in 2009.
The company could not own two broadcast networks and would therefore not buy the Fox broadcast network. The deal would not have included the Fox broadcast network, network-owned affiliate stations, Fox News, or Fox's cable sports channels, which would remain the property of Twenty-First Century Fox.
We'll be sure to keep you posted on this deal.
Shares of Twenty-First Century Fox jumped by about 10% to as high as $27.49 after CNBC's report, while Walt Disney shares surged by almost 3% to as high as $101.12. That deal is now undergoing review by United Kingdom regulators. However with this sale, Disney can merge the MCU with the aformentioned characters.
Sheikh said he is surprised that the Murdoch family, which controls 21 Century Fox, would consider giving up control of the company. Disney already owns the ABC television network and, with ESPN, is Fox's biggest rival in the cable sports business.
It'd definitely be interesting.
Fox's shares were briefly suspended and then rose more than 7% in afternoon trading in response to the news, which would combine some of the most famous media brands in the world.
Shares of both Disney and Fox are down year-to-date, as the acceleration of cord-cutting and a weak box office have provided some media headwinds.
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