Disney shares downgraded to sell on concern the battle for Fox has placed company in an unwinnable situation
Disney's shares are up 9 percent this month amid the battle for Fox and hopes of overall industry consolidation in the wake of a judge's decision on Tuesday to allow the AT&T-Time Warner merger proceed. On Wednesday, Comcast bid $65 billion for the Fox units currently set to be acquired by Disney. Comcast's cash bid represents a 19 percent premium to Disney's offer in stock. "For the moment we are leaving our valuation of Disney and leaving the assumptions incorporated into our model unchanged.