DIS Shareholders and Stock Info ONLY

[HokieRaven5]

3rd party was only needed in this case:


I think we all assumed it would come to this so it seems to be a bit of a non-story.

I mean they’re bickering over how the 3rd party evaluator evaluates their bought and paid for evaluations. How fun.

Still on the it would be hysterical if TWDC and notably Iger go for a merger/acquisition of WB Discovery as a final parting shot at Comcast. It’s not going to happen given the debt situations and the unlikelihood that it would get approved by anti-trust regulators, but to own all of that IP as well as a solid chunk of the licensing from the Universal Parks would be fascinating theater.

 

[wabbott]

I mean they’re bickering over how the 3rd party evaluator evaluates their bought and paid for evaluations. How fun.

Still on the it would be hysterical if TWDC and notably Iger go for a merger/acquisition of WB Discovery as a final parting shot at Comcast. It’s not going to happen given the debt situations and the unlikelihood that it would get approved by anti-trust regulators, but to own all of that IP as well as a solid chunk of the licensing from the Universal Parks would be fascinating theater.

The possibility of a DIS purchase of WBD has crossed my mind. It certainly is selling at a discount. But I don't think DIS should borrow any more money for a while.

 

[clarker99]

I mean they’re bickering over how the 3rd party evaluator evaluates their bought and paid for evaluations. How fun.

Still on the it would be hysterical if TWDC and notably Iger go for a merger/acquisition of WB Discovery as a final parting shot at Comcast. It’s not going to happen given the debt situations and the unlikelihood that it would get approved by anti-trust regulators, but to own all of that IP as well as a solid chunk of the licensing from the Universal Parks would be fascinating theater.

Let's go... spend it all. Just want to see Universal's Potter rights get taken away in 2029 and they have to clear out all remnants of Potter from their parks within 30 days. I love the lands but give me the drama. Lol

Or even have Disney use Potter as leverage to get Marvel theme park rights for WDW.

 

[Elijah Abrams]

No real surprise...

https://seekingalpha.com/news/41120...aid-to-hit-stalemate-on-hulu-valuation-report


Disney, NBCUniversal said to hit stalemate on Hulu valuation: report
May 31, 2024 12:58 PM ETThe Walt Disney Company (DIS) Stock, CMCSA StockBy: Chris Ciaccia, SA News Editor5 Comments
HBO Max, Disney+ and hulu streaming service app icon on screen

Robert Way

Walt Disney (NYSEIS) and NBCUniversal, a division of Comcast (NASDAQ:CMCSA), have reached a stalemate in how to value the jointly owned Hulu streaming service, The Wall Street Journal reported.

If the two parties are unable to resolve the valuation matter, it could wind up going to the courts to settle the matter, the news outlet added, citing people familiar with the situation.

Disney and Comcast did not immediately respond to a request for comment from Seeking Alpha.

Earlier this month, it was reported that the two companies were in talks to hire a third financial adviser to evaluate the worth of Hulu.

Disney announced in November that it would take 100% ownership of Hulu, paying at least $8.61B for the part that Comcast owns. Disney has already made the payment and the battle is to determine how much more, if any, Disney has to pay Comcast.

Hulu, which now has more than 50M subscribers, was initially set up as a joint venture between Disney, Comcast, Fox and Time Warner. Warner Bros. Discovery (WBD) eventually sold its stake, and Disney acquired Fox's media assets, which left Disney owning 67% of Hulu and Comcast the remaining 33%.

The two parties came to an unusual put-call deal in 2019 to resolve the joint venture by 2024, with a "floor valuation" for Hulu set at $27.5B.

The two companies agreed to offer their own estimates of Hulu's worth, and that they would hire a third adviser to settle the matter if their takes were more than 10% apart — something that has come to pass.

Disney and its representative J.P. Morgan have valued Hulu near the floor value of $27.5B, according to Reuters, while Comcast and its rep Morgan Stanley see the valuation at more than $40B.

Seeking Alpha's Jason Aycock contributed to this story.

Apologies for posting entire article, as WSJ has paywall.

https://www.wsj.com/business/media/...se-in-final-lap-of-hulu-negotiations-eedcfc92

Disney and Comcast Hit Impasse in Final Lap of Hulu Negotiations

Companies are discussing a Disney buyout of Comcast’s stake in streaming service; with a big valuation gap, the prospect of a court battle looms

By Amol Sharma, Lauren Thomas and Jessica Toonkel
May 31, 2024 - 12:40 pm EDT

Disney and Comcast’s NBCUniversal have clashed in their negotiations to resolve ownership of Hulu, with a significant disagreement over how to value the streaming service raising the prospect of a court battle, according to people familiar with the situation.

The entertainment companies are in the late stages of a complex process to determine how much Disney, which owns two-thirds of Hulu, should pay to acquire the remaining one-third stake held by Comcast.

Each side hired banks to appraise Hulu’s total value. Comcast side’s pegged it at north of $40 billion, and Disney’s estimate was around $27.5 billion, the floor price the two sides had set under a pact they struck several years ago.

Those figures have now been presented to an independent appraiser, RBC Capital, whose mandate is to referee a deal, the people said.

Disney and Comcast have a significant disagreement over how that valuation process should move forward, which has thrown the talks off course, the people familiar with the situation said.

Hulu, with over 50 million subscribers, is known for broadcast content like ABC’s “Abbott Elementary” and Fox’s “The Masked Singer,” series such as “Only Murders in the Building” and “The Bear” and a deep library of TV and movie classics.

It is central to Disney’s plans as the company tries to expand its direct-to-consumer streaming business and turn a profit on it. Disney recently added Hulu as a tile within its Disney+ app and it offers the services together in bundled packages meant to help limit customer defections.

Chief Executive Bob Iger said the company is on track to achieve streaming profitability in the final quarter of the fiscal year that ends in September, after posting a narrow loss in that unit for the March quarter.

Comcast’s NBCUniversal, meanwhile, is focused on its own streaming service, Peacock, which had 34 million subscribers as of the March quarter. It is anchored by sports, including the NFL, Big Ten college sports and English Premier League Soccer. Peacock posted solid growth in the quarter but lost $639 million.

NBCUniversal is closing in on a major pact with the NBA for rights to league content beginning after the 2024-2025 season, people close to the talks said. (Current NBA partner TNT, owned by Warner Bros. Discovery, is weighing whether to match offers from rivals.)

Disney gained control of Hulu in 2019 when it acquired entertainment assets from Fox, including its Hulu stake. That year Disney struck a deal with Comcast laying out how, starting in 2024, either side could trigger the sale of Comcast’s stake to Disney.

First the two sides must agree on valuation. Under the terms of the pact, the third party appraiser, in this case RBC, will come up with its own independent valuation estimate. Disney’s ultimate payment will be determined by averaging that figure with whichever company’s estimate is closest.

Disney already has made an $8.61 billion payment to Comcast. The companies are in a process to determine how much more, if any, it owes.

Write to Amol Sharma at Amol.Sharma@wsj.com, Lauren Thomas at lauren.thomas@wsj.com and Jessica Toonkel at jessica.toonkel@wsj.com

Oh dear...

I don't know how much longer Hulu on Disney+ will continue to exist. Heck, I don't know how much longer Disney will be able to hold onto their ownership of the 21st Century Fox IP, assets, and catalog (except Avatar, X-Men, and Fantastic Four) because of this.

(Sorry not sorry on the last sentence)

If Disney and Comcast have reached an impasse/stalemate on Hulu, I could see the former having to sell/spin off the acquired Fox stuff I mentioned (with Disney keeping the exceptions that I also mentioned), and, maybe, merging with/buying Netflix.

 

[clarker99]

Oh dear...

I don't know how much longer Hulu on Disney+ will continue to exist. Heck, I don't know how much longer Disney will be able to hold onto their ownership of the 21st Century Fox IP, assets, and catalog (except Avatar, X-Men, and Fantastic Four) because of this.

(Sorry not sorry on the last sentence)

If Disney and Comcast have reached an impasse/stalemate on Hulu, I could see the former having to sell/spin off the acquired Fox stuff I mentioned (with Disney keeping the exceptions that I also mentioned), and, maybe, merging with/buying Netflix.

Disney owns 100% of Hulu at this point.

 

[Elijah Abrams]

Disney owns 100% of Hulu at this point.

What point?

 

[clarker99]

What point?

Right now, Disney owns 100% of Hulu.

 

[Elijah Abrams]

Right now, Disney owns 100% of Hulu.

Got it.

 

[wabbott]

https://www.wsj.com/business/deals/...h-out-at-15-a-share-3c2a16b1?mod=hp_lead_pos2

Revised Skydance Offer Gives Paramount Shareholders Opportunity to Cash Out at Roughly $15 a Share
The new proposal values Paramount B-shares at a roughly 26% premium to Friday’s close

By Miriam Gottfried and Jessica Toonkel
Updated June 2, 2024 - 3:25 pm EDT

Skydance Media’s revised offer to buy Shari Redstone’s family company National Amusements and merge with Paramount Global gives the entertainment conglomerate’s nonvoting shareholders an option to cash out at a premium, according to people familiar with the matter.

Last week, David Ellison’s Skydance made a sweetened offer to buy up to a certain number of nonvoting Paramount shares at roughly $15 each, while also giving shareholders the option to roll into the new deal, the people said. The price per share, which could change, represents a 26% premium from where the stock closed Friday.

Under the proposed deal, Skydance and its backers would contribute funds to buy out National Amusements, inject cash into Paramount’s balance sheet and allow nonvoting shareholders to cash out some of their holdings.

Other details of the deal, which is being reviewed by Redstone’s camp, couldn’t be learned. The two parties are still negotiating, and the deal could still fall apart.

Such a transaction would usher in a new chapter for Paramount, which owns one of Hollywood’s storied studios, the broadcaster CBS and cable channels such as Nickelodeon and MTV. It follows weeks of negotiations between Ellison and Redstone, during which nonvoting shareholders opposed a deal with Skydance and Paramount parted ways with its chief executive, Bob Bakish, who had voiced concerns about the transaction.

Skydance’s offer is a two-step process. In the first step, Skydance would buy National Amusements, which owns about 77% of the voting shares of Paramount. Then, in a second step, Paramount would acquire Skydance.

Skydance’s investors, which include private-equity firm RedBird Capital Partners and Ellison’s father, Oracle co-founder Larry Ellison, have agreed to put additional cash onto Paramount’s balance sheet, which it can use to pay down debt, some of the people said.

In an earlier proposal, Skydance had offered about $2 billion in cash to Redstone for National Amusements, and Paramount would have acquired Skydance in an all stock-deal at a $5 billion valuation. Many shareholders opposed that offer because they saw it as a sweetheart deal for Redstone.

Skydance has since revised the terms to be better for non-Redstone shareholders. It is unclear what the structure of the new deal might be.

A significant issue the two sides must agree upon is whether a Paramount and Skydance merger would need approval from non-Redstone shareholders, according to people familiar with the situation. National Amusements has signaled that it is open to making the transaction contingent upon approval from the majority of non-Redstone shareholders.

A deal would mark the end of an era for Redstone, whose family has controlled Paramount through their privately held movie-theater company National Amusements for decades. Redstone started seriously entertaining a sale of National Amusements last year, after the Oct. 7 attacks on Israel pushed her to want to spend more time fighting antisemitism.

Paramount is currently run by an “Office of the CEO” made up of its divisional heads, who are expected to present their long-term plan for the company Tuesday at Paramount’s annual shareholder meeting.

The entertainment company has been contending with major headwinds across its business, including the collapse of cable television, an expensive pivot to streaming and an anemic box office.

Paramount’s market value has plummeted since Redstone years ago won a battle to succeed her father, media mogul Sumner Redstone. The stock-price decline has severely undercut her family’s fortune.

As Skydance pursued a deal, another party expressed interest in Paramount.

Private-equity firm Apollo Global Management and Sony Pictures submitted a $26 billion all-cash nonbinding offer for the company last month. Other parties that have expressed interest in Paramount in recent months include Warner Bros. Discovery and media executive Byron Allen.

In recent weeks, Redstone has considered an alternative path of only selling National Amusements, which would transfer control of Paramount to someone else but might not lead to a merger with another entertainment company, the Journal previously reported. She has received expressions of interest from at least two parties in buying all or part of National Amusements.

Write to Miriam Gottfried at Miriam.Gottfried@wsj.com and Jessica Toonkel at jessica.toonkel@wsj.com

 

[wabbott]

Found that panel of Uncle Scrooge "negotiating." Forgive the visual spam on the thread, but this is such a great, great depiction of the old tycoon's personality. Pure vintage Carl Barks.

 

[Obi-J Kenobi]

https://deadline.com/2024/06/box-office-garfield-furiosa-haikyu-dumpster-battle-1235945804/

20th Century Studios’ Kingdom of the Planet of the Apes had a fourth Friday of $2.4M at 3,450 theaters, 3-day of $8.8M, -34%, and running total of $139.9M in fourth place. By EOD, the Wes Ball-directed sequel is $6.9M away from overtaking previous chapter War for the Planet of the Apes’ domestic total of $146.8M in 2017. . . .

Jerry Bruckheimer’s highest-tested movie, the British period movie Young Woman in the Sea starring Daisy Ridley, looks to have made, per industry estimates, around $500K. The 84% certified fresh on Rotten Tomatoes title, which was pivoted from a Disney+ debut, is only in theaters for two weeks before hitting the streaming service. Disney isn’t reporting grosses, as they’re eyeing this strictly as an awards play and don’t want to bring any tarnish to the movie’s prestige. . . . Many in the industry, particularly after the success of The Boys in the Boat, fell this was a lost opportunity, left on the table, and that Disney should have committed more, as Daisy Ridley puts in an outstanding performance.

 

[wabbott]

https://ca.finance.yahoo.com/news/skydance-set-pay-8-billion-172434400.html

Skydance Set to Pay $8 Billion to Gain Control of Paramount
by Brian Welk and Tony Maglio
Mon, June 3, 2024 at 12:24 p.m. CDT

Paramount: Now (finally) Under New Ownership! A special committee at the company has approved a deal that will merge Paramount Global with Skydance after David Ellison acquires National Amusements, Inc. (NAI) for about $2 billion.

The National Amusements theater chain has a controlling interest in Paramount. Skydance Media CEO Ellison is paying for that control, and then he’ll make Paramount buy his production company.

All told, it is expected to cost Ellison and his financial backers at RedBird Capital Partners in the ballpark of $8 billion to make this happen, as first reported by CNBC’s David Faber. On top of Shari Redstone’s $2 billion for her family’s NAI, $4.5 billion more will go to current Paramount shareholders; another $1.5 billion in cash will be contributed to Paramount’s balance sheet. The numbers are pretty fresh and could still change some, a person with knowledge of the goings-on tells IndieWire.

The ball is now in Redstone’s court to approve the deal, which could be announced any day now. The ink is unlikely to be dry by tomorrow’s 9 a.m. ET Paramount Investor Day, our source says.

 

[RivShore]

Found that panel of Uncle Scrooge "negotiating." Forgive the visual spam on the thread, but this is such a great, great depiction of the old tycoon's personality. Pure vintage Carl Barks.


View attachment 865242

That last panel is Iger and Roberts discussing the value of Hulu! lolololol

 

[RivShore]

https://ca.finance.yahoo.com/news/skydance-set-pay-8-billion-172434400.html

Skydance Set to Pay $8 Billion to Gain Control of Paramount
by Brian Welk and Tony Maglio
Mon, June 3, 2024 at 12:24 p.m. CDT

Paramount: Now (finally) Under New Ownership! A special committee at the company has approved a deal that will merge Paramount Global with Skydance after David Ellison acquires National Amusements, Inc. (NAI) for about $2 billion.

The National Amusements theater chain has a controlling interest in Paramount. Skydance Media CEO Ellison is paying for that control, and then he’ll make Paramount buy his production company.

All told, it is expected to cost Ellison and his financial backers at RedBird Capital Partners in the ballpark of $8 billion to make this happen, as first reported by CNBC’s David Faber. On top of Shari Redstone’s $2 billion for her family’s NAI, $4.5 billion more will go to current Paramount shareholders; another $1.5 billion in cash will be contributed to Paramount’s balance sheet. The numbers are pretty fresh and could still change some, a person with knowledge of the goings-on tells IndieWire.

The ball is now in Redstone’s court to approve the deal, which could be announced any day now. The ink is unlikely to be dry by tomorrow’s 9 a.m. ET Paramount Investor Day, our source says.

I have not dug into the details of Paramount's valuation but the entirety of it's valuation is really only worth 20% of what Comcast wants to value Hulu at? Someone is way off....

 

[wabbott]

I have not dug into the details of Paramount's valuation but the entirety of it's valuation is really only worth 20% of what Comcast wants to value Hulu at? Someone is way off....

Well, that's what the market is presently valuing PARA A at. Is the market wrong? It is both right and wrong every business day from 9:30 AM until 4:30 PM, Eastern Time. The skill is being able to pick which is it, and backing up your hunch/research with money.

A marketplace has always been a forward-looking mechanism, and investors don't really care what the company made last week or last year, or even today. It's what the company's prospects are for the next year or more into the future that decides value.

It is apparent that advertisers are abandoning linear TV and migrating to streaming, hence the low market valuation placed on CBS. I've seen some opinion claiming that the most valuable asset that PARA owns is the real estate located on Melrose Ave. (about 65 acres), and not the film library, or CBS, or Viacom, or Paramount+.
https://www.paramountstudios.com/stages---backlot.html

 

[wabbott]

 

[RivShore]

Well, that's what the market is presently valuing PARA A at. Is the market wrong? It is both right and wrong every business day from 9:30 AM until 4:30 PM, Eastern Time. The skill is being able to pick which is it, and backing up your hunch/research with money.

A marketplace has always been a forward-looking mechanism, and investors don't really care what the company made last week or last year, or even today. It's what the company's prospects are for the next year or more into the future that decides value.

It is apparent that advertisers are abandoning linear TV and migrating to streaming, hence the low market valuation placed on CBS. I've seen some opinion claiming that the most valuable asset that PARA owns is the real estate located on Melrose Ave. (about 65 acres), and not the film library, or CBS, or Viacom, or Paramount+.
https://www.paramountstudios.com/stages---backlot.html

Let's just say I put more trust in Mr Market in determining value than Mr Roberts...

 

[wabbott]

Let's just say I put more trust in Mr Market in determining value than Mr Roberts...

 

[RivShore]

This is beyond belief - 1.4 million people and one movie theater left - how can the BO ever recover with stuff like this happening??

AMC Bay Plaza Cinema 13 became the only theater in the Bronx last week when Concourse Plaza Multiplex Cinemas near Yankee Stadium shut down after three decades — a stunning turn for a borough of more than 1.4 million people.

https://nypost.com/2024/06/03/us-ne...entire-borough-our-childhood-is-being-erased/

 

[wabbott]

https://www.yahoo.com/news/disney-wbd-fox-brace-more-224934841.html

Disney, WBD and Fox Brace for More Congressional Scrutiny After Friday Talks Fail to ‘Satisfy Concerns’ Over Venu Sports Bundle

by Lucas Manfredi
Mon, June 3, 2024 at 5:49 PM CDT·

Venu Sports will face additional questions from Congressmen Jerry Nadler and Joaquin Castro after the lawmakers’ staff met with representatives from Disney, Fox and Warner Bros. Discovery on Friday, TheWrap has learned.

An individual familiar with the matter told TheWrap that a follow-up letter will be sent to the three media giants as early as this week after the meeting did not satisfy concerns around how the offering will impact access, competition and choice in the sports streaming market.

The update comes after Nadler and Castro penned a letter to Bob Iger, David Zaslav and Lachlan Murdoch on April 16, asking the trio to answer 19 questions they had about the offering by April 30.

“As programmers, your companies exert tremendous influence over pricing across the live sports TV ecosystem,” the letter states. “As a result, the Joint Venture raises questions about how this new offering would affect access, competition and choice in the sports streaming market. Without more complete information about the pricing, intent and organization of this new venture, we are concerned that this consolidation will result in higher prices for consumers and less fair licensing terms for upstream sports leagues and downstream video distributors.”

In addition to scrutiny from lawmakers, Fubo has filed an antitrust lawsuit seeking to block Venu, alleging its the latest move in a years-long campaign of anticompetitive practices by Fox, WBD and Disney to block its business. A preliminary injunction hearing for the case has been set for Aug. 7.

Fubo, Dish Network, DirecTV, Newsmax, American Economic Liberties Project, Sports Fan Coalition, Open Markets Institute and the Electronic Frontier Foundation have also cosigned a letter urging Congress to hold hearings on the future of competition in the pay-TV market, arguing that Venu raises “serious competition concerns” that call for lawmakers’ “immediate oversight.”