Conglom to use funds to pay debt
NEW YORK — The Walt Disney Co., which has become increasingly acquisitive of late, filed with the Securities & Exchange Commission Friday to raise up to $7.5 billion by selling various securities.
The conglom said it would use the funds to pay down debt, invest in subsidiaries and possibly acquire new assets. Disney recently agreed to buy Fox Family from News Corp. and Haim Saban for more than $5 billion. It also has been eyeing cable giant AT&T Broadband, owned by AT&T.
The filing, a shelf registration, allows Disney to sell any combination of debt securities, preferred and common stock and warrants. Companies register stocks and bonds in advance so they can sell them quickly when they need the cash.
Friday’s filing includes $6.4 billion of newly registered securities and $1.1 billion in securities registered through a previous shelf filing.