Media Company Stocks Are Higher After Time Warner Rejects Fox Buyout Offer
AP Photo/Diane Bondareff
In pre-market trade, Discovery shares were up nearly 3%, while Comcast - which owns NBC - advanced 0.9%, and ABC-owner Disney gained 0.8%.
The offer, according to The New York Times' Andrew Ross Sorkin and Michael De La Merced, was rejected by Time Warner and valued the company at a bit more than $85 per share.
Following that report, other content providers are also ticking higher.
BI's Jay Yarow broke down some the dynamics at play in the cable industry, noting that a consolidation on the distribution side, like the deal for Comcast to buy Time Warner Cable and AT&T's play for DirecTV, will cause ripple effects on the content side.
Following the initial report, 21st Century Fox issued a press release announcing that it is currently not in talks with Time Warner, but the market reaction from Time Warner seems that investors believe a deal for the company will happen one way or another.
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