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FOXA

21st Century Fox

$48.34

0.24 (0.50%)

, DIS

Disney

$105.89

-1.39 (-1.30%)

18:32
06/21/18
06/21
18:32
06/21/18
18:32

Disney offers to divest Fox assets generating up to $1B in EBITDA

In a regulatory filing, Disney (DIS) confirms that it is prepared to divest 21st Century Fox (FOXA) assets that yielded up to $1B in EBITDA to secure approval from the antitrust regulators for the deal, stating: "Disney will, if and to the extent necessary to obtain certain required governmental consents contemplated by the Amended and Restated Merger Agreement, be required to divest Acquired Assets, other than 21CF's regional sports networks, which generated, in the aggregate, no more than $1 billion of 21CF EBITDA, an increase of $500 million of 21CF EBITDA as compared to the Original Merger Agreement. Disney also remains committed, if and to the extent necessary to obtain the Required Governmental Consents, to divest 21CF's regional sports networks. If any such divestitures are agreed to or accepted with respect to 21CF's regional sports networks in obtaining the Required Governmental Consents, the $1B 21CF EBITDA threshold described in the prior sentence will be reduced by the lesser of (1) the aggregate amount of 21CF EBITDA attributable to such divested regional sports networks and (2) $500M of 21CF EBITDA.

FOXA

21st Century Fox

$48.34

0.24 (0.50%)

DIS

Disney

$105.89

-1.39 (-1.30%)

CMCSA

Comcast

$32.80

-0.595 (-1.78%)

FOXA 21st Century Fox
$48.34

0.24 (0.50%)

06/14/18
OPCO
06/14/18
NO CHANGE
Target $42
OPCO
Outperform
Disney likely to top bid for Fox entertainment assets, says Oppenheimer
Oppenheimer analyst Timothy Horan notes that Comcast (CMCSA) has bid $65B for a cash offer for Fox's (FOXA) entertainment assets, a 19% premium to Disney's offer (DIS). The analyst believes it does make strategic/financial sense, and Comcast has a great track record on acquisitions. Further, Horan thinks a joint NBC/Fox would be a content powerhouse while expanding the company's presence in Europe with Sky (SKYAY), and slashing OTT video risk. Nonetheless, the analyst believes Disney is likely to top the bid. He reiterates an Outperform rating and $42 price target on Comcast's shares.
06/18/18
PIVT
06/18/18
DOWNGRADE
PIVT
Sell
Disney downgraded to Sell from Hold at Pivotal Research
Pivotal Research analyst Brian Wieser downgraded Disney to Sell with an unchanged price target of $93. The stock closed Friday up 10c to $108.85. The recent rally in the shares is unwarranted and fails to reflect that a higher price paid for Fox's (FOXA) entertainment assets would reduce the value of Disney to its shareholders, Wieser tells investors in a research note. Further, the analyst believes the acquisition not being completed would also be negative for Disney as it would mean the company would be unable to realize the synergies it expects to produce from the transaction. The strategic position of Disney would "further be weakened relative to what would otherwise be possible without the transaction," Wieser contends.
06/20/18
KEYB
06/20/18
NO CHANGE
KEYB
KeyBanc sees end of Fox bidding war nearing, with Disney as likely winner
KeyBanc analyst Brandon Nispel does not think Comcast (CMCSA) can bid above $42 in all-cash offer for the assets of 21st Century Fox (FOXA) and maintain reasonable leverage ratios, adding that it may be able to go as high as $45 per share in a cash and stock offer. However, a $45 per share bid, split 80/20 cash and stock, would "hardly be accretive" in the next two years and be perceived negatively by Comcast shareholders, he contends. Given this view, Nispel argues the bidding war is approaching an end and he views Disney (DIS) as the likely winner.
06/21/18
RILY
06/21/18
NO CHANGE
Target $50
RILY
Buy
21st Century Fox price target raised to $50 from $46 at B. Riley FBR
B. Riley FBR analyst Barton Crockett raised his price target for 21st Century Fox to $50 and keeps a Buy rating on the shares.
DIS Disney
$105.89

-1.39 (-1.30%)

06/14/18
NOMU
06/14/18
NO CHANGE
Target $40
NOMU
Neutral
Nomura sees 'protracted bidding war' for Fox assets
Nomura Instinet analyst Jeffrey Kvaal expects Disney (DIS) to counter Comcast's (CMCSA) offer for 21st Century Fox's (FOXA) assets, which include Premier League sports rights, premium content, and Hulu stake. He sees the stage being set "for a protracted bidding war." The analyst keeps a Neutral rating on Comcast with a $40 price target.
CMCSA Comcast
$32.80

-0.595 (-1.78%)

06/15/18
06/15/18
DOWNGRADE
Target $24

Sell
Juniper downgraded to Sell on key account weakening at Rosenblatt
As previously reported, Rosenblatt analyst Ryan Koontz downgraded Juniper (JNPR) to Sell from Neutral, stating that he believes the company is starting to see weakness in several key accounts, including AT&T (T), Comcast (CMCSA), and Alphabet (GOOGL). Those three customers collectively represent about 15% of sales, Koontz estimates. He cut his second half revenue and EPS estimates for Juniper to below consensus and lowered his price target on the shares to $24 from $28.

TODAY'S FREE FLY STORIES

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NAVB

Navidea

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NGVT

Ingevity

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PTCT

PTC Therapeutics

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1.59 (4.54%)

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AEHR

Aehr Test Systems

$2.81

0.13 (4.85%)

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BANF

BancFirst

$62.05

0.2 (0.32%)

16:35
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Earnings
BancFirst reports Q2 EPS 91c, consensus 85c »

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ENFC

Entegra Financial

$30.15

0.05 (0.17%)

16:34
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GBCI

Glacier Bancorp

$40.38

0.12 (0.30%)

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STXB

Spirit of Texas Bancshares

$20.45

0.12 (0.59%)

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DATA

Tableau

$110.44

-0.76 (-0.68%)

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DAL

Delta Air Lines

$53.00

0.19 (0.36%)

16:31
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Options
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FIVE

Five Below

$107.80

0.93 (0.87%)

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FAM

First American

$10.06

-0.015 (-0.15%)

16:28
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CE

Celanese

$109.84

-1.17 (-1.05%)

16:27
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Celanese sees FY18 adjusted EPS $10.50-$10.75, consensus $9.64 »

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CE

Celanese

$109.84

-1.17 (-1.05%)

16:26
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Celanese reports Q2 adjusted EPS $2.90, consensus $2.45 »

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EGP

EastGroup Properties

$95.77

1 (1.06%)

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  • 20

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CMCSA

Comcast

$34.91

0.88 (2.59%)

, FOXA

21st Century Fox

$46.55

-0.14 (-0.30%)

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General news
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CMCSA

Comcast

$34.91

0.88 (2.59%)

FOXA

21st Century Fox

$46.55

-0.14 (-0.30%)

DIS

Disney

$112.14

1.43 (1.29%)

CMCSK

Comcast

$0.00

(0.00%)

FOX

21st Century Fox

$46.19

-0.15 (-0.32%)

MSFT

Microsoft

$104.70

-0.38 (-0.36%)

SKYAY

Sky

$0.00

(0.00%)

IBM

IBM

$149.25

4.81 (3.33%)

AXP

American Express

$100.16

-2.82 (-2.74%)

EBAY

eBay

$34.11

-3.84 (-10.12%)

DM

Dominion Midstream

$16.75

3.1 (22.71%)

TCP

TC PipeLines

$35.22

7.55 (27.29%)

MRSN

Mersana Therapeutics

$11.24

-5.275 (-31.95%)

AA

Alcoa

$41.68

-6.22 (-12.99%)

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SKX

Skechers

$33.24

0.61 (1.87%)

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EGP

EastGroup Properties

$95.77

1 (1.06%)

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Earnings
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  • 20

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SWKS

Skyworks

$102.46

0.41 (0.40%)

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BDN

Brandywine Realty

$16.69

0.205 (1.24%)

16:22
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Earnings
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  • 20

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INBK

First Internet Bancorp

$33.85

(0.00%)

16:21
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  • 31

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ASB

Associated Banc-Corp

$28.05

-0.3 (-1.06%)

16:21
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