Friday, 24 May, 2019


S&P downgrades Disney by one notch to A ahead of Fox deal

S&P downgrades Disney by one notch to A ahead of Fox deal S&P downgrades Disney by one notch to A ahead of Fox deal
Conrad Doyle | 15 March, 2019, 05:44

Disney's $71.3 billion acquisition of 21st Century Fox is set to close next week. The Comcast counter-offer of $65 billion prompted Disney to raise its bid to $71.3 billion.

Last week Disney Television Studios hired former Warner Bros. exec Craig Hunegs to lead the business in a companywide restructure which incorporates Fox execs.

The company announced the news after receiving the final sign-off from Mexican regulators on Tuesday (12 March). Its ownership of those channels and cable sports network ESPN would otherwise give the company undue influence in sports broadcasting, said the watchdog.

The Election Form necessary for 21CF stockholders to make an election as to the form of consideration they wish to receive was mailed on December 27, 2018 to holders of record of 21CF common stock as of December 19, 2018.

In a letter to investors Disney said that the acquisition "is expected to become effective at 12:02 a.m".

Adam Bankhurst is a news writer for IGN who offered $20 for 21st Century Fox but was turned down, sadly.

Under the acquisition agreement, 21st Century Fox stockholders may elect to receive US$38 per share in either cash or shares of "New Disney", the holding company that will own both Disney and 21st Century Fox following the acquisition.

The transaction includes 21st Century Fox's film and television studios, cable entertainment networks and worldwide TV businesses, which brought popular entertainment properties including X-Men, Avatar, The Simpsons, FX Networks and National Geographic to Disney's portfolio. And even after it is all said and done, it will still be a while before Fox's properties can fall under the Disney umbrella.

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