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First on CNBC: CNBC Excerpt: Disney Chairman & CEO Bob Iger Discusses Time Warner/Fox Deal Today on CNBC

WHEN: Today, Tuesday, August 5th

WHERE: CNBC's "Closing Bell"

Following is an excerpt from the unofficial transcript of a FIRST ON CNBC interview with Disney Chairman & CEO Bob Iger. Following is a link to the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000299090.

All references must be sourced on CNBC.

JULIA BOORSTIN: NOW BEFORE WE DIG MORE INTO THESE RESULTS, WE HAVE TO ASK YOU ABOUT THIS TIME WARNER/FOX HEADLINE THAT JUST CROSSED. WHAT DO YOU MAKE OF THIS NEWS?

BOB IGER: WELL I JUST SAW THE NEWS MYSELF. I NEVER THOUGHT THAT THE COMBINATION OF THE COMPANIES WAS A FORGONE CONCLUSION. I AM ONLY SPECULATING HERE THAT NEWS CORP, OR 21STCENTURY FOX, TRIED TO DO SOMETHING UNDER LESS THAN HOSTILE CIRCUMSTANCES. THEIR OFFER, OR THEIR OVERTURE, TO TIME WARNER WAS NOT WELL RECEIVED. AND I THINK IT IS PRETTY HARD TO DO SOMETHING OF THIS SIZE UNDER HOSTILE CIRCUMSTANCES. AND I CAN ONLY SPECULATE THAT RUPERT MURDOCH DECIDED THAT THAT WAS NOT THE WAY TO GO. AND SINCE HE DIDN'T REALLY GET MUCH RECEPTIVITY TO WHAT HE WAS TALKING ABOUT, THEN HE PROBABLY HAS DECIDED NOT NOW. THAT DOESN'T NECESSARILY MEAN THEY DON'T COME BACK, BUT I WON'T SPECULATE.

BOORSTIN: NOW YOU I'M SURE HAVE KNOWN RUPERT MURDOCH FOR YEARS. DO YOU THINK HE HAS HIS EYE ON A DIFFERENT MEDIA ASSET? WHAT DO YOU EXPECT HIM TO DO NEXT?

IGER: I REALLY DON'T KNOW. AND RUPERT'S TRACK RECORD IS FANTASTIC. I THINK THIS SPEAKS VOLUMES FOR THE VALUE OF CONTENT. TIME WARNER CERTAINLY HAS GREAT CONTENT AND GREAT BRANDS. I THINK OBVIOUSLY RUPERT SAW VALUE IN THOSE BUSINESSES AND THOSE BRANDS AND AS WE KNOW AS A COMPANY, THERE IS A LOT OF VALUE IN FRANCHISES AND BRANDS AND CONTENT. SO I CAN'T SPECULATE WHAT A NEXT MOVE MIGHT BE.

BOORSTIN: WITH SO MUCH CONSOLIDATION IN THE DISTRIBUTION SPACE, COMCAST/TIME WARNER CABLE, DIRECTV/AT&T, DO YOU THINK THERE IS MORE PRESSURE ON CONTENT COMPANIES LIKE FOX AND DISNEY AND TIME WARNER TO MERGE? TO CONSOLIDATE?

IGER: WELL, I DON'T KNOW THAT THERE'S NECESSARILY PRESSURE TO MERGE. I THINK IN TODAY'S WORLD, GIVEN CONSOLIDATION IN DISTRIBUTION, YOU ARE MUCH BETTER POSITIONED IF YOU HAVE AN ARRAY OF GREAT CONTENT, GREAT BRANDS THAN IF YOU HAVE MAYBE JUST ONE. WE'RE EXTREMELY WELL POSITIONED AS A COMPANY BECAUSE OF THE FRANCHISES AND THE BRANDS THAT WE HAVE, BUT IT'S, YOU KNOW, IT'S STILL AN ENVIRONMENT THAT FROM A DISTRIBUTION PERSPECTIVE CAN BE CHALLENGING. NOW AGAIN, IF YOU'VE GOT GREAT BRANDS, YOU'RE BETTER POSITIONED, AND IT COULD BE THAT WHAT RUPERT WAS SEEING IN TIME WARNER WAS THE OPPORTUNITY TO BULK UP, TO GET BIGGER, BUT ALSO TO GET BETTER BECAUSE OF THE COLLECTION OF ASSETS.

BOORSTIN: I WANT TO TOSS IT OVER TO KELLY, BUT ONE QUICK FOLLOW-UP ON THAT. YOU SAID THAT THE DISTRIBUTION ENVIRONMENT CAN BE CHALLENGING. LAST QUARTER YOU TALKED ABOUT THE PENDING TIME WARNER CABLE/COMCAST MERGER AND SAID YOU'D BE EVALUATING IT AND LOOKING AT IT TO SEE WHAT YOU THINK. NOW THAT YOU'VE HAD SOME MORE TIME TO THINK ABOUT IT, WHAT DO YOU MAKE OF THAT MERGER? DO YOU THINK IT CHANGES YOUR LEVERAGE WHEN IT COMES TO NEGOTIATING DEALS?

IGER: WELL, WE'VE CHOSEN NOT TO MAKE ANY PUBLIC COMMENT ABOUT THAT. IF THAT CHANGES, YOU'LL BE AMONG THE FIRST TO HEAR. BUT WE DON'T HAVE ANYTHING SPECIFIC TO SAY ABOUT IT.

BOORSTIN: OKAY. KELLY?

KELLY EVANS: THANK YOU, JULIA. BOB, I WAS JUST GOING TO QUOTE "THE WALL STREET JOURNAL," ACTUALLY, SAYING THAT AMONG FELLOW CONTENT COMPANIES, WALT DISNEY IS THE ONLY ONE THAT CLEARLY HAS THE FINANCIAL FIREPOWER FOR A TIME WARNER DEAL. DO YOU THINK TIME WARNER COULD ALSO MAKE WALT DISNEY BETTER?

IGER: WELL, WE DON'T COMMENT ABOUT SUCH THINGS, POTENTIAL ACQUISITIONS. OVER THE YEARS WE'VE MADE SOME SIGNIFICANT ONES AND WE HAVEN'T COMMENTED BEFORE THEM FOR OBVIOUS REASONS. THAT SHOULD NOT IN ANY WAY BE UNDERSTOOD TO MEAN THAT IT'S SOMETHING THAT WE'RE LOOKING AT, JUST SOMETHING THAT WE DON'T COMMENT ABOUT.

EVANS: AND WITH REGARD TO THE SPECIFIC PIECES OF TIME WARNER THAT COULD POTENTIALLY BE ON THE TABLE, THERE ARE ANALYSTS WHO HAVE COVERED YOUR COMPANY FOR YEARS THAT SAID MAYBE WALT DISNEY WOULD BE INTERESTED IN BUYING CNN IF IT WERE UP FOR GRABS. WOULD YOU? IS THAT A STRATEGIC FIT?

IGER: AGAIN, NO COMMENT AT ALL.

EVANS: UNDERSTOOD.

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