Disney (NYSE:DIS) Mulling a Bid for Twitter (NYSE:TWTR)
$DIS, $TWTR, $BAC, $FB, $CRM, $BAC
The Walt Disney Co. (NYSE:DIS) is working with a financial adviser to evaluate a possible bid for Twitter Inc.(NYSE:TWTR), according to people familiar with the matter.
After receiving interest in discussing a deal, Twitter has started a process to evaluate a potential sale. Salesforce.com Inc.(NYSE:CRM) is also considering a bid, working with Bank of America (NYSE:BAC) on the process, according to other people, who declined to be named because the matter is private.
Representatives for Twitter and Disney did not immediately respond to requests for comment.
Speculation that Twitter will be sold has been gathering steam in recent months, including last week’s news of Salesforce’s interest, given the social media company’s slumping stock price and difficulties in attracting new users and advertising revenue. Disney, if it decides to make a bid, would be able to help the company further its video-streaming media strategy. Jack Dorsey, CEO of Twitter, is also on the board of Disney.
Twitter shares reversed previous declines on the news of interest from Disney, rising as much as 2%. The shares were trading at 23.37 at 4:30a in New York.
The stock rose 21% Friday following reports of the talks with Salesforce. Disney shares fell 1.31 to 91.96 at the close Monday in New York..”
Disney Chairman/CEO Bob Iger has developed a reputation as a strategic thinker with an appetite for bold bets such as the $7.4-B acquisition of animation studio Pixar just months after he became CEO.
With Disney’s largest business, Cable TV facing shrinking viewers and more competition from online video services, Mr. Iger has invested in technology-related media businesses, including Hulu, the video streaming service, digital media company Vice and BAMTech, which provides the platform for online video services such as HBO Now.
Mr. Iger has sought to increase Disney’s new media expertise, adding Mr. Dorsey and Facebook Inc (NASDAQ:FB). COO Sheryl Sandberg to the company’s board in recent years.
|NYSE:TWTR||23.37||26 September 2016||0.75||21.79||23.57||21.65||95,110,800|
|HeffX-LTN Analysis for TWTR:||Overall||Short||Intermediate||Long|
|Neutral (0.18)||Neutral (0.12)||Bullish (0.31)||Neutral (0.11)|
|NYSE:DIS||91.96||26 September 2016||-1.31||92.47||92.68||91.4||10,416,900|
|HeffX-LTN Analysis for DIS:||Overall||Short||Intermediate||Long|
|Bearish (-0.44)||Bearish (-0.49)||Bearish (-0.43)||Bearish (-0.42)|
Latest posts by Paul Ebeling (see all)
- Thoroughbred Racing World Focused On Dubai World Cup - March 25, 2017
- Ferrari (NYSE:RACE) Marks Fastest Lap Ever at Melbourne - March 25, 2017
- F1: Ferrari (NYSE:RACE) Maintains Media Blackout at Meblourne - March 25, 2017