Any speculation that Verizon would be purchasing Walt Disney Co. just faded after Verizon’s Chief Executive Lowell McAdam made comments at the Allen & Co. annual media and technology conference in Sun Valley, Idaho, this week.
The conference held annually brings together leading executives across the entertainment and industry sectors.
Variety reported that regarding the rumors and if they were true, McAdam said, “No.”
The New York Post contributed to the rumor when it reported earlier this month that McAdam could be getting ready for his next acquisition as the company just finished purchasing Yahoo’s core internet assets.
Considering that Yahoo’s assets only cost $4.5 billion and Disney has a value of $168 billion, it does seem far fetched.
“[W]hen we saw this latest ‘news’ of Verizon looking to buy Disney, we laughed. Out loud. In fact, we’re still laughing. What would a wireless juggernaut want with a theme park, a YUGE consumer products line and the various movie studios,” wrote Wells Fargo media analyst Marci Ryvicker.
Disclaimer: We have no position in Verizon Communications Inc. (NYSE: VZ) nor Walt Disney Co (NYSE: DIS) and have not been compensated for this article.