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Latest Mergers and Acquisitions News

Business

Fox And Major League Baseball Extend Rights Deal Through 2028

Reinforcing one of its live-sports tentpoles, Fox Sports has reached a 10-year, multi-platform extension with Major League Baseball. The deal keeps the World Series on Fox, which has broadcast it every year since 1996, and will step up the number of regular- and post-season games on the network starting in 2022. The deal joins others set recently by Fox for wrestling, boxing and the NFL as the company reinforces Fox’s live programming focus ahead of the close of the $71.3… Read

Business

Lachlan Murdoch Salutes Father Rupert Murdoch At Fox’s Last Annual Shareholder Meeting Before Disney Deal – Update

21st Century Fox

UPDATED with dual-structure vote totals. Waxing nostalgic about 21st Century Fox’s decades-long run in the media business, Executive Chairman Lachlan Murdoch offered a tribute to his father, Rupert Murdoch, during the company’s annual shareholder meeting. Barring a major twist in the long march toward a $71.3 billion deal to sell two-thirds of itself to Disney (a deal that should get final approval in mere weeks), the meeting at the Zanuck Theatre on the Fox lot was the… Read

Business

Disney Pushes Toward European Cable Exit Ahead Of Fox Deal Close

Disney is aggressively moving forward with plans to satisfy regulators’ requirement that it sell its stake in A+E Networks' factual channels in Europe in order to close its $71B takeover of 21st Century Fox. The media giant has held talks with Hearst, its joint-venture partner in A+E Networks, about a buyout of channels such as History, Lifetime and Crime & Investigation in Europe, according to sources familiar with the discussions. Although Hearst would be a logical… Read

Business

Comcast Responds To Donald Trump-Aided Heat From Cable Trade Group, Calls Its Demands “Without Merit”

Comcast

Like a gust of wind reigniting a dying ember on a dry hillside, President Donald Trump has inflamed long-simmering tension between Comcast and a cable trade group still unhappy with its 2011 acquisition of NBCUniversal. The American Cable Association, which reps small and mid-size cable and broadband providers (and not the top players like Charter, Altice and Comcast Cable, which are part of the NCTA), wrote a letter to the Department of Justice. The letter calls for an… Read

Business

Tribune Media Beats Wall Street’s Q3 Estimates As Sinclair Case Grinds On

Tribune Media, which was left at the altar last summer when the $3.9 billion acquisition of the company by Sinclair Broadcast Group fell through, posted strong third-quarter results. The aftermath of the failed merger did not take up a lot of the conference call with analysts to discuss the quarterly results, but the company did say it is not considering a settlement of its $1 billion lawsuit against Sinclair. “We feel really strongly about our breach case against… Read

Business

Disney Beats Revenue, Earnings Forecasts Thanks To ‘Incredibles 2’ & Film Unit; Investors Await Fox Plan Details – Update

UPDATED with comments from earnings call, after-hours trading. The Walt Disney Co. beat Wall Street’s earnings and revenue forecasts for its fourth quarter, thanks to a strong performance by the film studio. The company reported adjusted per-share earnings of $1.48, topping analysts forecasts of $1.34 for the fiscal fourth quarter. It booked record revenues of $14.3 billion, exceeding Wall Street’s projections of $13.73 billion. Investors sparked to the results, sending… Read

Business

Fox Q3 Results Hurt By Film Dip, But Earnings Top Wall Street Estimates

21st Century Fox

In what could be its last full quarter in its current form, 21st Century Fox topped Wall Street’s profit estimates for the third quarter, but softness at the film studio kept revenue from hitting the target. Income from continuing operations hit $1.29 billion, or 69 cents a share, up 54% from $839 million in the year-earlier quarter. Analysts had expected earnings of 52 cents a share. Revenue of $7.18 billion rose 2% over $7 billion a year ago, but fell short of Wall… Read

Business

Judges Picked For AT&T-Time Warner Merger Appeal By Government

AT&T

The three-judge panel that will hear arguments December 6 in the federal appeal of AT&T’s acquisition of Time Warner has been selected. Judges Judith W. Rogers, Robert L. Wilkins and David B. Sentelle will be on the bench in the D.C. Circuit Court of Appeals to weigh in on the Department of Justice effort to undo the $85 billion deal. The DOJ filed suit a year ago, maintaining the merger was anti–competitive and would harm consumers. Sentelle, who was appointed by… Read

Business

European Commission Approves Disney’s $71 Billion Acquisition Of Fox, With Conditions

20th Century Fox Disney

European antitrust regulators approved the Walt Disney Co.’s $71.3-billion offer to buy 21st Century Fox’s entertainment assets today, on the condition that it sell its stake in certain television channels in Europe. Disney will have to divest its interests in History, H2, Crime & Investigation, Blaze and Lifetime in the European Economic Area (EEA) to avoid harming competition following its purchase from Fox. The channels are controlled by A+E Television Networks, which… Read

Business

Open Road Sells To Raven Capital Management In Bankruptcy Proceeding

Raven Capital Management, which had offered a stalking-horse bid of $87.5 million for Open Road last month, will take control of the company after no other bidders emerged in the company’s bankruptcy proceeding. The auction in Delaware bankruptcy court originally scheduled for November 7 has been canceled (read the court document here). The winning bid officially ends the ownership of the company by Donald Tang, whose Tang Media Partners acquired Open Road in 2017 and… Read

Business

Marcus Theatres Cracks 1,000 Screens With Acquisition Of Movie Tavern From Privately Held Southern Theatres

Milwaukee-based exhibitor Marcus Theatres is paying $126 million to acquire Movie Tavern, a theater chain known for fine dining and luxury seating. After the deal, Marcus will remain the No. 4 theater circuit in the U.S. but will exceed 1,000 total screens for the first time, reaching 1,098 screens in 90 locations across 17 states. With 22 locations and 208 screens in nine states, Movie Tavern is based in New Orleans and is part of Southern Theatres, which is owned by… Read

Business

CBS Beats Wall Street’s Q3 Estimates In First Post-Les Moonves Report

CBS beat Wall Street estimates with solid third-quarter results in its first financial report since the exit in September of longtime CEO Les Moonves. Adjusted earnings per share came in at $1.24, ahead of the consensus estimate of $1.22 and a 12% bump from $1.11 a share in the year-ago period. Total revenue inched up 3% to $3.26 billion, about $20 million better than expected. The revenue and earnings marks both set CBS records for the third quarter. Digital initiatives… Read