$12.5 billion is the implied franchise valuation at which Bob Iger and Joshua Kushner are acquiring Mark Walter's stake in the Los Angeles Lakers, a source familiar with the transaction says. The source put the figure at more than $12 billion; the reported number is $12.5 billion.
What the valuation covers
The $12.5 billion reflects an implied value for the Los Angeles Lakers as a franchise, established by the price at which Walter's stake is changing hands. The source does not report the size of Walter's interest, which means the cash consideration cannot be derived from available disclosures. No per-unit price on the equity being sold has been reported. The valuation is the single financial parameter the source provides.
The buyers: Iger and Kushner
Bob Iger served as chief executive of The Walt Disney Company before departing the role. Joshua Kushner is the founder of a venture capital firm. The source names both as the parties acquiring Walter's stake but does not specify how ownership will be divided between them, whether one is taking a larger position, or whether additional investors are part of the arrangement. Iger and Kushner are the named buyers.
The seller
Mark Walter holds the stake being acquired. The source does not detail the size of his current interest, what position, if any, he retains in the franchise after the sale, or when the transaction is set to close. What the source confirms: Walter's stake in the Los Angeles Lakers is the asset, and the implied franchise valuation in the deal is $12.5 billion.