In recent years, the rise of OTT(Over-the-top media services) has brought disruptive innovations to the media and entertainment industry, changing the way consumers watch video content, and setting off a wave of cord-cutting. Traditional media and entertainment giants are planning to resist this shock, and one of the strategies is merger and acquisition within the industry. A representative case is Disney’s acquisition of 21 Century Fox in 2019 . This study would discuss the external and internal motivation of this deal, and also identify the origin of synergy. In addition, this study would put more focus on analyzing specific deal features including payment method and transaction form to understand the influence of these factors on the possibility of success and the return of this deal. Furthermore, this study would conduct valuation to examine the rationality of payment amount.

This study found that in the mature industry, when there is an enormous threat on cash cow business, companies tend to consolidate. The consolidation can improve the operation and strengthen the core competence. Especially, in media and entertainment industry, it is important to integrate the content producing capability and the intellectual property to gain competitive advantage. In particular, in the scenario of large-scale company acquisition, buying only part of target company that fit acquirer’s core operation can generate more value than whole-firm buyout, because it can prevent acquiring firm from overpaying as well as over-diversify. Moreover, it is more likely to achieve strategic fit under this form of acquisition.

This study had undertaken the business valuation and calculated the amount of synergy. The results indicated that Disney did not overpay in this deal and was consistent with the positive market reaction. To analyze the impact of payment in this deal, this study found that Disney used floating stock exchange ratio to give 21 Century Fox more protection. Using floating stock exchange ratio could mitigate the negative influence of stock payment. Finally, this case study can be a reference for managers who is planning large-scale media merger and acquisition deals to develop deal strategies and evaluate benefit of the transactions.
中文摘要 i
英文摘要 ii
目錄 iv
表目錄 vi
圖目錄 vii
第一章 緒論 1
第一節 研究動機 1
第二節 研究問題 2
第二節 研究方法 2
第二章 交易事前分析 3
第一節 交易簡介 3
第二節 公司介紹 5
一、主併方迪士尼 5
二、被併方二十一世紀福斯 10
第三節 交易特性與公司特性 12
第四節 外部環境影響因子 17
第五節 併購動機 23
一、主併方迪士尼收購動機 23
二、二十一世紀福斯出售動機 27
第六節 綜效來源分析 29
第三章 交易事中分析 32
第一節 企業評價與交易合理性分析 32
一、評價方法介紹 32
二、自由現金流量折現法 33
三、市場法 44
第二節 支付工具分析 46
第四章 易事後分析 51
第一節 交易後市場反應 51
第二節 合併後財務績效分析 54
第三節 人力資源調整與合併後整合 56
第四節 併購後續事件 59
第五章 個案結論 61
第一節 結論 61
第二節 研究限制 63
參考文獻 64
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