Daniel Miller

Walt Disney is planning to sell 23 radio stations and will begin distributing much of its Radio Disney content digitally, the company said. As a result of the expected sales, Radio Disney will lay off about 200 people.

Disney will retain its AM station in Los Angeles -- KDIS-AM (1110) -- which will be used to originate Radio Disney's national programming feed.

Time Warner Chairman and Chief Executive Jeff Bewkes is in an uncomfortable position: The cross hairs of Rupert Murdoch. With Murdoch and his 21st Century Fox team are banging on the door, top TW management is "very resolved" to fend off Murdoch's advances.

Analysts are not so certain that's the case. Wall Street clearly expects Fox to sweeten its offer. Murdoch might even be willing to go as high as $100 a share, according to Wells Fargo Securities senior analyst Marci Ryvicker. That would place the deal's value at $91 billion.

The key question, according to veteran media analyst Michael Nathanson, is: "At what price is 21st Century Fox willing to walk away?"