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European deals: Disney buying Fox assets; Apple to acquire music app Shazam

S&P Global Market Intelligence provides a wrap-up of European media and communications deal announcements, completions and updates from Dec. 11 to Dec. 17.

TOP NEWS

* Walt Disney Co. has reached a deal to buy an array of 21st Century Fox Inc.'s international and domestic assets for approximately $52.4 billion in stock, the companies said Dec. 14. The acquisition will include Fox's movie and TV studios, Fox's stake and a controlling interest in Hulu LLC, Fox Networks International, Star India Pvt. Ltd. and Fox's 39% ownership of satellite giant Sky plc across Europe. Prior to the close of the transaction, it is anticipated that 21st Century Fox will seek to complete its planned acquisition of the 61% of Sky that it does not already own. The transaction is subject to shareholder approval by 21st Century Fox and Disney shareholders, clearance under the Hart-Scott-Rodino Antitrust Improvements Act, a number of other non-U.S. merger and other regulatory reviews, and other customary closing conditions.

* Disney agreed to pay 21st Century Fox a $2.5 billion breakup fee if the deal fails to get regulatory approval, Disney said in a Dec. 15 SEC filing. The merger agreement between the companies also provides for a termination fee of roughly $1.53 billion if either side backs out of the transaction for certain other reasons.

* Apple Inc. confirmed a deal to acquire U.K.-based music recognition app Shazam Entertainment Ltd., Variety reported Dec. 11, citing statements from both companies. Recent reports pegged the deal price to be around $400 million.

M&A Media

* SPI International Inc. unit Kino Polska TV SA said Dec. 14 that it agreed to take over the remaining 236 shares it does not yet already own in Cable Television Networks & Partners Sp zoo for about 10 million Polish zlotys. CTN&P operates terrestrial television channel Zoom TV.

* PAO Sberbank of Russia and Russian tech company Yandex NV entered into a binding agreement to form an e-commerce joint venture on the Yandex.Market platform, according to a Dec. 13 news release. Sberbank will subscribe for new shares in Yandex.Market for 30 billion Russian rubles, valuing the platform at 60 billion rubles on a post-money basis, before taking into account potential future synergies. Sberbank and Yandex will each own equal stakes in the joint venture. The transaction is expected to close in the first half of 2018, subject to customary closing conditions and regulatory approvals.

M&A Communications

* Thales Group agreed to acquire Gemalto NV in an all-cash transaction for an offer price of €51 per share cum dividend, according to a Dec. 17 news release. The transaction has a total deal value of about €4.8 billion, Reuters reported. Thales will merge its digital assets with Gemalto under a new global business unit following deal completion. Gemalto will, however, continue to operate under its own brand as one of the seven Thales global business units. The deal announcement comes after Gemalto rejected Atos SE's offer to acquire the Netherlands-based company for €4.3 billion, or €46 per Gemalto share.

* Deutsche Telekom AG has struck a cash-and-stock deal that will allow T-Mobile Netherlands to acquire Tele2 AB unit Tele2 Netherlands. Under the agreement, Tele2 will get €190 million and a 25% stake in the merged company. Deutsche Telekom will hold the remaining 75% and infuse capital into the merged entity via a €1.1 billion intercompany loan, Deutsche Telekom said Dec. 15. The combined entity will continue to be known as T-Mobile Netherlands, while still being able to use the Tele2 brand in the Dutch market. The transaction is expected to be completed in the second half of 2018, subject to approval by relevant antitrust regulators. In a separate Dec. 15 news release, Tele2 said it will get a €25 million break fee in case the deal failed to secure regulatory clearance.

* The European Commission approved the proposed sale of Toshiba Corp. unit Toshiba Memory Corp. to a consortium led by Bain Capital Investors LLC, according to a Dec. 15 news release. The commission did not single out any competition concerns since Bain Capital-owned companies and Toshiba Memory do not compete with each other in similar or related markets.