According to sources familiar with the mega deal between 21st Century Fox and Disney, the companies are on a track for a Thursday deal announcement.
The $60 billion-plus pact will see Disney acquire key entertainment and sports assets from 21st Century Fox, including its film and TV studio. The CNBC report follows a Monday announcement that Comcast has opted out of its pursuit for Fox.
A week ago, CNBC reported that Disney and the Rupert Murdoch-controlled media company were closing in on a deal.
Current Fox shareholders would get one share of the company that remains after the movie and television assets are sold, plus shares of Disney in a fixed exchange ratio.
While the exact portfolio of assets changing hands remains unknown, it appears that the Murdoch family will be left with only Fox Broadcasting and its local TV stations, cable giant Fox News and Fox Sports 1 and 2, cable networks launched in 2013. That means a collection of film and TV operations worth some $68 billion would go to Disney, including film and TV studios, a range of cable networks and stakes in Hulu and Sky TV.
Moreover, the retained assets of 21st Century Fox such as Fox News, the Fox Broadcast Network, and Fox Sports 1, which will be reconstituted into a new, independent company that would be worth roughly $10 a share.
The Fox and Disney deal is likely to dramatically reshape the entertainment business, eliminating one of the six major studios and giving Disney access to a vast library of shows and movies as it tries to launch a streaming competitor to Netflix.
Under CEO Bob Iger, Disney has established a reputation for spending big to nab major entertainment companies, shelling out billions for the likes of Marvel, Pixar, and Lucasfilm.
