Two new unions for major media companies top headlines this afternoon.
The Walt Disney Co. board has authorized a bid for its long-time creative ally, Pixar Animation Studios, according to a published report from Reuters.
Pixar shares closed Monday at $58.27, which values the company at $7 billion. The New York Times reported Tuesday that the offer price is likely the same.
In other media news Tuesday, CBS Corp. and Warner Bros. Entertainment are set to debut a network this fall, the CW, through a joint venture, shutting down two of their existing struggling networks.
UPN, which broadcasts such programming as World Wrestling Entertainment’s “Smackdown” and “America’s Next Top Model” along with the WB, which is known for “The Gilmore Girls” and “7th Heaven,” will continue to operate independently until the fall. The new network will feature the “best programming” from each network, according to a statement, including all of these shows and some children’s programming on Saturday mornings.
The network will also be available across 48% of the country through a 10-year affiliation agreement with Tribune Broadcasting and CBS' UPN affiliates. That reach will eventually extend across 94% of the country, through agreements with other affiliates, said the Times.
— Carolyn Murphy
Media giants combine networks
Go to Reuters story on the Disney/Pixar deal
Go to NY Times story on the CW
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