Netflix to get Disney films in TV distribution deal
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Icahn disclosed in regulatory filings on Oct. 31 that he had amassed a nearly 10 percent stake in the video company and suggested it should pursue a sale. Netflix responded by adopting a poison pill defense.
Losing Disney's movies means Starz is left with only Sony Pictures for film content. The pay-TV channel cast the ending of its agreement with Disney as its decision, saying it preferred to use the money for original programming creation. Liberty Media's shares will "rebound," said Vijay Jayant, an analyst with International Strategy and Investment Group.
"We believe it was Starz' decision to remain prudent and walk away from the bidding for Disney content," ISI said in a report, estimating that it might have cost Starz $400 million to
keep the movies. Without that expense, Starz can step up its production of original series such as "Spartacus" and "Magic City," which ISI said have become more valuable to cable operators anyway. Netflix shares jumped $10.6491, or 14 percent, to $86.6491. Liberty Media shares fell $5.49, or almost 5 percent, to $105.56