Published: Fri, December 08, 2017
Global News | By Stacy Ballard

Disney's bid for Fox assets gains momentum say sources

Disney's bid for Fox assets gains momentum say sources

Fox Chief Executive James Murdoch, speaking at the UBS Global Media and Communications Conference in NY on Tuesday, declined to comment on reports about a potential sale.

21st Century Fox declined to comment on the report to Fortune; Disney didn't immediately return a request for comment. According to the LA Times, Disney's board would extend Iger's contract to help the company navigate the significant regulatory hurdles needed to finalize any Fox buyout deal, and to oversee integration of Fox properties within Disney.

Comcast is also thought to be in talks with Fox, but has not progressed as far as Disney, say sources.

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"It's always good to look at what's going to create the most value for our shareholders", he told attendees.

Walt Disney Co.'s potential takeover of much of 21st Century Fox could provide an enormous boost to Disney's ESPN sports empire.

Shares of Disney fell to session lows on the news before settling down 1.58 per cent at $105.53 apiece.

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Losing the regional networks would leave Fox with a skimpy sports portfolio - the Fox broadcast network that airs NFL games and other sports including Major League Baseball's World Series.

Fox anticipates that its deal to buy the remaining 61 per cent stake of Sky, which has been held up by regulators, will be approved in the first half of 2018. FOX has been said to want to keep their sports networks that are valued at $22.4 billion.

Talk of a deal comes at a challenging time for television and film companies, who face fierce competition from tech giants like Netflix, Amazon and Google's Youtube, which are investing billions in content.

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Reuters reported in November that Comcast, which is the largest U.S. cable provider and has a market value of around $188 billion, had expressed interest in Fox assets.

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