The deal comes as media companies look for ways to survive as consumers shift their attention to ad-free streaming services from Netflix and Amazon, cut the cord in increasing numbers, and spend an inordinate amount of time glued to mobile screens and social media.ĭisney has already declared war against Netflix by launching its own streaming service. Its rival in the deal, Comcast, withdrew on Thursday. It's official: Disney has won a bidding war that paves the way for a $71.3 billion media-industry-rocking deal to acquire a collection of assets from 21st Century Fox. On Thursday, Comcast walked away to focus on a separate but related bidding war for the UK broadcaster Sky. On June 20, Disney raised its offer for the assets to $38 a share, or a total of $71.3 billion in cash and stock.But after a federal judge approved AT&T's so-called vertical merger with Time Warner, Comcast entered the bidding, leading to a takeover battle. Disney's first shot in this war was to announce a deal to buy a collection of assets from 21st Century Fox.And that means Disney needs all the programming it can get as it plans for a direct-to-consumer, digitally dominated media future. Disney is preparing for a full-scale rivalry with Netflix.Account icon An icon in the shape of a person's head and shoulders.
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