Takeover battle: Disney/Fox reach $71B deal, blowing away Comcast

21 June, 2018, 01:47 | Author: Eleanor Thompson
  • Disney raises bid for 21st Century Fox assets to more than $70.3 billion

The revised $71.3 billion bid topped Comcast's all-cash offer of $65 billion, and will allow 21st Century Fox shareholders to decide between receiving all cash or a mix of cash and stock.

Disney's sweetened offer for Fox's studio and select cable assets is valued at $71.3 billion, besting its December 2017 all-stock bid of $52.4 billion, or $28 per share, and eclipsing Comcast's recent all-cash bid of $65 billion.

'We remain convinced that the combination of 21CF's iconic assets, brands and franchises with Disney's will create one of the greatest, most innovative companies in the world, ' he said in a statement.

This agreement of a new deal is a huge blow to Comcast.

Poland 1 Senegal 2
The Bayern Munich striker enjoyed a phenomenal campaign with his club and was his country's top scorer in the qualifications. Probably, Sadio Mane can be moved into a more central position as he offers more of a threat from the middle and is quicker.

Following the deal, Fox shareholders would own about 19% of the combined company, Disney's chief financial officer Christine McCarthy said on a conference call.

Disney is locked in a battle with U.S. media conglomerate Comcast, which has offered $65bn in cash for Fox.

Disney believes the transaction has a clear and timely path to regulatory approval. AT&T just bought Time Warner for $81 billion, after a federal judge rejected the government's antitrust concerns. Now FOX's Board has officially agreed to sell most of FOX to Disney.

The bidding war between Disney and Comcast over 21st Century Fox assets could have some juice left in it, according to Jefferies analyst John Janedis. Disney's first bid of $51 billion in stock options was approved by Fox shareholders earlier this year.

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Disney's previous offer stood at $52.4 billion, and the new offer is better still as Disney plans to to take on about $13.8 billion of Fox's debt, which would bring the total transaction value above $85 billion. So just how high can the bidding war go?

Iger said Disney has been working with regulators in the USA and around the world and has "made a lot of progress" toward obtaining approvals. A new date for the shareholder meetings has not yet been announced.

Today's day and age continues to become more digital everyday, media giants like Disney and Comcast need to take steps to keep up with companies like Netflix.

The Disney-Comcast contest will determine who controls much of Rupert Murdoch's empire, including Fox's movie and TV studios, television networks such as FX, and multichannel providers like Star India and Sky Plc. Upon parting ways with those properties, Fox will spin off its flagship broadcast network business and the Fox News and Fox Sports units to form a new standalone company. 21st Century Fox also holds approximately 39.1 per cent of the issued shares of Sky, Europe's leading entertainment company, which serves almost 23 million households across five countries.

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