Dis­ney said to have dropped Twit­ter pursuit

China Daily (USA) - - BUSINESS - By BLOOMBERG

WaltDis­neyCode­cid­ed­notto pur­sue­abid forTwit­ter Inc­partly out of con­cern that bul­ly­ing and other un­civil forms of com­mu­ni­ca­tion on the so­cial me­dia site might soil the com­pany’s wholesome fam­ily im­age, ac­cord­ing to peo­ple fa­mil­iar with­man­age­ment’s think­ing.

The pro­ducer of fam­ily fare like “Find­ing Dory” had gone so far as to hire two in­vest­ment banks, JPMor­gan Chase & Co and Guggen­heim Part­ners LLC, to help eval­u­ate a bid for Twit­ter. Dis­ney man­age­ment also lis­tened to a pre­sen­ta­tion about the busi­ness from Twit­ter ex­ec­u­tives, ac­cord­ing to the peo­ple, who asked not to be iden­ti­fied be­cause the dis­cus­sions were pri­vate.

There were other rea­sons for Dis­ney not to pur­sue Twit­ter. The so­cial me­dia pi­o­neer, cre­ator of the 140-char­ac­ter tweet, is los­ing money and yet sports a mar­ket value of al­most $12 bil­lion. That would a big deal even for Dis­ney, which has a mar­ket value 12 times that. Some of Dis­ney’s largest in­vestors called the com­pany over the past few weeks to ex­press their dis­plea­sure with a Twit­ter pur­chase for those rea­sons, peo­ple close to the com­pa­nies said.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.