Fox Sets Disney “Transaction Tax,” Plans Investor Confab; Stock Slips Again
Fox Corp. has confirmed it received a $2 billion cash payment from Disney, which reduces the “transaction tax” the new entity paid to 21st Century Fox to $6.5 billion. Both were expected steps following the closing of the $71.3 billion Disney deal, which became official just after midnight Wednesday.
The newly minted company, which consists mainly of the Fox broadcast network, Fox News and local TV stations, also announced it will hold an investor conference on May 9.
Nexstar Sells Off TV Stations Worth $1.3B, Including New York’s WPIX
Nexstar Media Group, whose pending deal to acquire Tribune Media will make it the No. 1 owner of local TV stations in the U.S., said it is selling off 19 stations in 15 markets, a move that will net the company $1.32 billion in cash.
Rival station groups Tegna and E.W. Scripps are acquiring the stations. Nexstar said it is in active talks to divest two stations in Indianapolis, Scripps wound up with one of the jewels in the Tribune portfolio, New York’s WPIX, a CW… Read
Disney Closes Fox Deal, Kicking Off New Era For Hollywood – Update
UPDATE: At 12:02AM ET, one of the most consequential mergers in Hollywood history became official. The Walt Disney Co. has acquired about two-thirds of 21st Century Fox, altering the entertainment landscape at a time of dramatic change.
For $71.3 billion, Disney has acquired a range of film and TV assets including the Fox film and TV studio, cable powerhouse FX Networks, National Geographic, international assets like Star India and a 30% stake in Hulu. The deal represents… Read
Fox Corp. Begins New Era As Stand-Alone Company, With Former House Speaker Paul Ryan Joining Board
UPDATED with Rupert Murdoch memo: With fewer than 24 hours remaining before the acquisition of 21st Century Fox by Disney closes, the remaining stand-alone entity Fox Corp. begins trading today and has announced new members of its board of directors.
The company will maintain the ticker symbols FOXA and FOX for its Class A and Class B common shares, respectively, and will trade on the NASDAQ. Holders of Fox Corp. have received 620.5 million shares from 21st Century Fox as… Read
Disney-Fox Deal Primer: The Ins And Outs Of Hollywood’s Mega Merger
Closing time is finally at hand for the $71.3 billion Disney-Fox combination, which will see assets like the fabled Fox film and TV studio, FX Networks, National Geographic and a 30% stake in Hulu move to Disney. The transaction is scheduled to become official just after midnight ET — 12:02 AM, to be exact — on Wednesday.
The merger is one of the most consequential in Hollywood history. Among other things, it brings an end to the colorful run of 20th Century Fox as a… Read
Fox Shareholders Favor Getting Cash Over Stock When Disney Deal Closes
Nearly 52% of shareholders in 21st Century Fox, the entity that is about to be acquired by Disney, have expressed a preference to receive cash in exchange for their shares after the Disney-Fox deal closes early Wednesday.
About 37% of shareholders said they would prefer shares in New Disney (as the Fox-ified company is called in official paperwork), while about 12% indicated no preference.
The tallies were reported after yesterday’s deadline for shareholders to submit… Read
Cinedigm Acquires Future Today For $60M, Expanding Streaming Footprint
Cinedigm, which has been steadily transforming itself from a cinema equipment concern to a streaming specialist, is significantly expanding its digital reach by acquiring video platform company Future Today.
In exchange for $45 million in cash and $15 million in common stock, Cinedigm will increase its OTT footprint to more than 7.6 million monthly active users and 67 million total app installations.
Future Today, which operates one of the largest collections of… Read
MGM Vet Cheryl Rodman Joins Spyglass Media Group As Chief Legal Officer
Spyglass Media Group, the independent production and distribution outfit launched this week by Gary Barber and Lantern Entertainment, has tapped Barber’s former MGM colleague, Cheryl Rodman, as its Chief Legal Officer.
She will oversee legal matters and business & legal affairs for the company, including corporate matters and strategic growth initiatives. She will report to Barber, who is chairman and CEO of Spyglass.
At MGM, Rodman held the position of EVP and Deputy… Read
Lantern Entertainment And Gary Barber Launch Spyglass Media Group, A New Home For Former Weinstein Co. Assets
Former MGM CEO and Spyglass principal Gary Barber and Lantern Entertainment have joined forces to form Spyglass Media Group, an independent outfit, which will blend new film and TV projects with the Weinstein Co. assets.
Strategic investors include Eagle Pictures, the largest independent distributor in Italy, and the UK’s Cineworld Group, owner of Regal Cinemas and the No. 2 exhibitor in the world. Barber, who received a $260 million payout last year after being pushed… Read
Tribune Company Shareholders Approve Acquisition By Nexstar
Tribune Media shareholders overwhelmingly approved the company’s plan to be acquired by Nexstar Media Group during a special meeting today.
The $4.1 billion proposal won the OK of more than 95% percent of the votes cast by the Company's Class A common stockholders and Class B common stockholders, who voted as a single class. That turnout represents about 73% percent of the shares of the Company's Class A common stock and Class B common stock outstanding as of the special… Read
CBS Acquires Lionsgate’s Half Of Pop Cable Network
CBS has bought out Lionsgate to acquire full ownership of the cable network Pop.
Terms for the transaction were not immediately revealed by either company. In 2013, CBS invested $100 million in half of the network, when it was still known as the TV Guide Network, or TVGN. It was rebranded in 2015 as Pop and soon had a critical favorite and steady performer in the comedy Schitt’s Creek. More recently, the Anna Paquin-starring Flack has garnered the network some… Read
New Turner Sports Boss Jeff Zucker On Expanded WarnerMedia Purview: “News And Sports Are Very Much The Same”
A little more than a week after taking the reins at Turner Sports and adding it to his oversight of CNN and other news holdings at WarnerMedia, Jeff Zucker said his restructured mandate won’t change his approach to programming.
“I actually think news and sports are very much the same,” the executive said during a media breakfast with CBS to promote the networks’ upcoming March Madness basketball coverage. “They’re both about human beings and drama and stories. I actually… Read