Disney May Be Willing To Let Go Of Sky In Order To Complete Acquisition Of 21st Century Fox
After getting word that Comcast was willing to submit a cash offer to outbid Disney, it looks like the House of Mouse may be considering letting go of the crown jewel that is Sky to appease Comcast.
Following yesterday's potentially game-changing news that Comcast was willing to make an all-cash bid of $60 billion for 21st Century Fox if the AT&T's acquisition of Time Warner was approved, The Hollywood Reporter has learned that Disney may now be willing to part ways with Fox's 39 percent interest in Sky, which is a very significant move to make considering that by Fox may own 100 percent of Sky by the time the deal is expected to go through next year. Why is this significant? Well, because Sky is currently valued at approximately $100 billion.
Disney CEO Bob Iger has previously described Sky as a "crown jewel," and, while he would absolutely prefer to keep Fox's ownership stake in the broadcaster, he's not willing to let the entire deal fall apart just for Sky, which is what Comcast is most coveting. According to sources, Disney is now willing to part ways with Sky and may actually encourage Fox to allow Comcast to buy out their ownership stake in Sky.
This move would actually save Disney about $12 billion and could give them additional negotiating power down the line if they're still forced to outbid Comcast for the rest of Fox's film and tv assets - including the X-Men and Fantastic Four film rights.
There is some buzz circulating that losing Sky may be a deal-breaker for Disney, but then again, considering the House of Mouse's continued dominance at the worldwide box office and the impending launch of a new streaming service, acquiring Fox's film and tv assets would be equally important for the studio as they continue to strive toward total dominance of the film industry.
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