Interested in the entertainment sector? If so, you might get a kick out of today’s news. On Tuesday, reports surfaced that Twenty-First Century Fox (NASDAQ:FOX) will disclose the sale of parts of its entertainment company to Walt Disney (NYSE:DIS) in two days time.
To no surprise, these reports have caused the shares of both Fox and Disney to increase. As of 2:16 p.m. EST, Twenty-First Century Fox shares are up 1.16% at $34.04, while those of Disney are up 0.22% at $107.03.
According to reports from CNBC, Fox is forecasted to divide itself and sell its $60 billion of TV and entertainment assets to Walt Disney. However, Fox will still maintain control over its news business. CNBC’s report suggests that this cable news business is worth around $10 per share.
In November, primarily because of interested buyers, Twenty-First Century Fox shares have increased roughly 34%.
While the final bid size has yet to be disclosed to the public, RBC analysts have suggested that the deal could value Fox’s assets at roughly $37 per share.
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