REUTERS

The Walt Disney Company Consents to 21st Century Fox's Decision to Tender its 39% Stake in Sky

Originally Published The Walt Disney Company.

The Walt Disney Company has consented to Twenty-First Century Fox, Inc.’s (“21st Century Fox”NASDAQ: FOXA, FOX) decision to tender or sell its 39% stake in Sky plc as soon as allowable under terms of Comcast Corp.’s 17.28 per share offer for Sky. The current value of Fox’s Sky stake is more than $15 billion.


The transaction, coupled with the divestiture of the Fox Sports Regional Networks, will significantly reduce the amount of debt Disney will incur in acquiring 21st Century Fox, and enable Disney to maintain its strong balance sheet as it continues to invest in content creation for its direct-to-consumer platforms. Disney will expand its considerable investment in the Disney-branded direct-to-consumer offering launching in late 2019 and the new ESPN+ sports streaming service, and will seek to increase investment in Hulu’s content offerings and international distribution. Disney and 21st Century Fox each currently hold 30% stakes in Hulu.

“Along with the net proceeds from the divestiture of the RSNs, the sale of Fox’s Sky holdings will substantially reduce the cost of our overall acquisition and allow us to aggressively invest in building and creating high-quality content for our direct-to-consumer platforms to meet the growing demands of viewers,” said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company.

The acquisition has received formal approval from shareholders of both companies, and Disney and 21st Century Fox have entered into a consent decree with the U.S. Department of Justice that allows the acquisition to proceed, while requiring the sale of the Fox Sports Regional Networks. The transaction is subject to a number of non-U.S. merger and other regulatory reviews.

Latest News

NYPD under suit

NYPD Sued for Years of Racial Abuse and Use of Excessive Force; Trump Administration Approves Discrimination Against LGBTQ individuals; and More

NYPD sued by Attorney General for years of racial abuse and use of excessive force. In what’s been called a “landmark lawsuit,” The New York Times has reported that New York state Attorney General Letitia James is suing the city of New York, the mayor and the NYPD’s leaders, alleging…

Tribal elder

Loss of Tribal Elders Due to COVID-19 Decimating Indigenous Populations; Colorado Revamps Common-Law Marriage Requirements, Making Them More Friendly for LGBTQ Couples; and More

Loss of tribal elders due to COVID-19 decimating Indigenous populations. The Muscogee, Navajo, Blackfeet Nation, White Mountain Apache and Choctaw tribes are among the many communities of Indigenous people suffering irreparable losses due to the COVID-19 pandemic, New York Times reporter Jack Healy has reported. Already impacted by infection rates…

Justice for George Floyd

Officer Who Pressed Knee Into George Floyd’s Neck to Stand Trial Alone; Judge Halts Federal Execution of Lisa Montgomery, Only Woman on Death Row

Officer who pressed knee into George Floyd’s neck to stand trial alone in March. Former Minneapolis police officer Derek Chauvin — the man who can be seen on video pressing his knee into George Floyd’s neck for an excruciating 8 minutes and 46 seconds — will now stand trial alone,…

BASF Starts Global Registration for New and Environmentally Friendly Insecticide Active Ingredient

Originally published on BASF.com. BASF ranked No. 14 on The 2020 DiversityInc Top 50 Companies for Diversity list. Regulatory dossiers for Axalion™insecticide submitted in Australia and Korea Active ingredient with novel mode of action and high compatibility with beneficial insects, including pollinators First sales for Axalion-based products expected by 2023…

Trump cancelled for insurrection attempt

Trump Isn’t Just Fired After Attempted Insurrection — He’s Cancelled; Fears Mount Over Multiple Potential D.C. Superspreader Events; and More

Trump isn’t just fired after attempted insurrection — he’s canceled. The legal and ego-shattering ramifications of inciting a riot and attempting to stage a coup on the Capitol Building continue to pile up for lame duck President Donald Trump. Consider that in less than a week following his criminal actions,…

KPMG: Race and Accountability in the Boardroom

Originally published on KPMG.us by Stephen L. Brown Senior Advisor, Board Leadership Center. KPMG ranked No. 12 on The 2020 DiversityInc Top 50 Companies for Diversity list. Protests and social unrest following the death of George Floyd and others, along with the detrimental effects of COVID-19 and the economic downturn…

Southern Company Becomes the First Large Cap Utility in the U.S. to Publish a Sustainable Financing Framework

Allows Southern Company and its subsidiaries to issue Sustainable Financing Instruments contributing to a sustainable economy Originally published on southerncompany.com. Southern Company has published a Sustainable Financing Framework (“Framework”), making it the first large cap utility holding company in the United States to do so. The Framework, published on January 4, 2021, allows…