Report: Disney negotiating to buy 21st Century Fox studio, FX, Nat Geo
Stock prices jumped Monday for 21st Century Fox in response to a report the studio is engaged in on-again, off-again discussions to sell off much of the company to the Walt Disney Company.
Neither company is talking publicly about the CNBC report, which indicated that there are no current discussions between the entertainment giants, but “they could be revisited.”
The 21st Century Fox stock price immediately began spiking in response to the report, jumping by 10 percent by mid-afternoon of the trading day.
According to CNBC, Disney would only purchase a portion of Fox, with the deal likely to exclude the Fox broadcast network, Fox’s sports assets, Fox News and Fox Business. The deal also would not include Fox’s local broadcasting affiliates, CNBC reported.
The acquisitions could be a major gain for Disney, which has already announced plans to introduce its own streaming-video service in 2019. The new service would be the exclusive home of Disney and Pixar films, and acquiring Fox would give it control over more content, while keeping it away from competing services, most notably Netflix.