, Columnist
Disney Reliance on Stock Keeps Powder Dry for Coming Battle
Disney didn't borrow for Fox purchase, so balance sheet can be deployed when really needed.
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Walt Disney Co. truly is a magical place. It's managing to buy some $52 billion of assets without technically spending a dime. The how and why make it even more interesting.
Last week, the Murdoch family agreed to sell certain of their 21st Century Fox Inc. TV and film businesses to Disney in return for shares in the entertainment conglomerate. No cash is changing hands. In fact, Disney stands out as the only U.S. acquirer this year to not take advantage of cheap borrowing rates -- or rather not need to -- for a deal over $20 billion.