https://www.cnbc.com/2018/06/18/disney-shares-downgraded-to-sell-on-concern-the-battle-for-fox-has-placed-company-in-an-unwinnable-situation.html

Walt Disney Co. is boxed into a corner by Comcast's bid for the same 21st Century Fox assets it wants, according to Pivotal Research Group, which downgraded the shares to sell from hold on Monday.

"The stock's recent run-up fails to reflect that a higher price paid for Fox's Entertainment assets would reduce the value of Disney to its shareholders," wrote analyst Brian Wieser. "Alternately, the absence of completion of the transaction would also be negative for Disney as it would mean the company would be unable to realize the synergies it expects to produce from the transaction."