BREAKING: 21st Century Fox in Talks to Sell Studio and Other Assets to Disney

UPDATE: 11/7/17; 9:00 a.m. According to Bloomberg, Disney and Fox are no longer in talks and when asked for comment, both companies declined.

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21st Century Fox’s stocks just spiked today after CNBC reported that talks have been held recently regarding them selling a majority of the media conglomerate to Disney.

CNBC’s David Faber reported that “the sale talks have centered around the 20th Century Fox movie and TV production operations, the FX Networks, and National Geographic TV cable groups as well as Fox’s enormous portfolio of international channels.”

The deal, as originally reported by CNBC, would allow Fox to keep the Fox Broadcasting Co. network and the Fox Sports and Fox News operations. FCC regulations prohibit one company from owning more than one of the Big Four broadcast networks and Disney already owns ABC. The combination of Fox Sports with Disney’s ESPN and Fox News with ABC News could also cause an issue.

Fox’s price per share skyrocketed more than 6% within half an hour of the release of CNBC’s report, which hit around 1:30 p.m. Eastern time. “Fox shares were up over $26 while Disney shares inched up 1% to just under the $100 mark.”

Disney and 21st Century Fox have declined to comment on the matter.

Sources: CNBC and Variety

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