Twenty-First Century Fox and Walt Disney shares rose after CNBC reported the two companies talked about Fox selling most of its film and television assets to Disney. Jade Barker reports.
Shares of Twenty-First Century Fox skyrocketed after CNBC reported that the company held talks to sell most of its film and television assets to Walt Disney. Disney stock traded higher as well. On the chopping block - Fox's movie and TV production studios, cable networks FX and National Geographic, and international assets, such as the Star network in India and European pay TV provider Sky. Representatives of Disney and Fox had no comment. CFRA Research Tuna Amobi: (AUDIO SOUNDBITE) TUNA AMOBI, EQUITY ANALYST, CFRA RESEARCH (ENGLISH) SAYING: "Disney recognizes the shift in landscape and, perhaps, was looking for a way to make itself even more indispensable in the changing landscape. And for Fox, it might make sense for them to, perhaps, kind of focus more on their core competencies around news and some other assets." With Fox film and tv assets, Disney would get extra programming. It's building its own streaming service to better compete with the likes of Netflix. Fox would keep its sports programming, Fox News, its broadcast network and local affiliates.