Entertainment
Apple could acquire Disney amid stock plummet, analyst says
"Large market capitalization companies with significant cash and stocks that have outperformed Disney in the past three weeks, like Apple, could take advantage of the volatility," as the coronavirus hit Hollywood stocks.
With the stock markets battered by the coronavirus and the shares of the entertainment giants hit hard, some on Wall Street have started to wonder if the cash-rich tech powers might consider takeover offers for Hollywood companies.
Rosenblatt Securities analyst Bernie McTernan in a Friday research report, for example, suggested that Apple, led by CEO Tim Cook, might consider acquiring the Walt Disney Co., led by executive president Bob Iger and new CEO Bob Chapek after his stock fell below the $ 100 mark last week.
"We believe that those with long-term horizons, such as mega-caps with large cash balances and whose stocks have outperformed Disney in the past three weeks, such as Apple, could benefit from the volatility", a- he writes, noting that Disney's market capitalization was about $ 165 billion, while Apple has about $ 107 billion in cash and securities. "The benefit of acquiring Disney would be to secure their content / streaming strategy and the potential synergies of adding the nascent Disney ecosystem to the iOS platform."
Apple did not respond to a request for comment.
McTernan, who pointed out that "in the past three weeks, Disney has lost about $ 85 billion, or about a third of its market
cap, "also argued that, among other benefits, Disney + streaming service could help boost Apple + TV streaming service." Disney + could solve Apple's content problem because we think AppleTV + is having a relatively slow start, "he said. Disney earlier this year said it had signed 26.5 million Disney + subscribers at the end of 2019 and 28.6 million at February 3.
On Friday, Apple stocks jumped 12% to $ 277.97 amid a market rebound, while Disney stocks rose 11.7% to $ 102.52.
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