Fox set to decide on Comcast’s $65-billion cash bid
21 June, 2018, 00:41 | Author: Clarence Schmidt
Disney has boosted its offer for 21st Century Fox to more than $71bn in a bid to knock rival Comcast out of the battle to buy the bulk of Rupert Murdoch's entertainment empire. This time the bid consists of both cash and stock, which is a significant rise from the $52.4 billion bid Disney submitted to Fox a year ago, which they accepted.
That's why Disney raised their previous bid to a bid of $71.3 billion, 10% above the one Comcast submitted previously. Last week, Comcast made a $65 billion all cash offer for the company, but now Disney has answered back. Both Disney and Comcast are looking to use the Fox assets to bolster their content and expand overseas.
If you're anxious about not being able to see the X-Men team up with the Avengers, an analyst from B. Riley recently discussed the probability of Disney obtaining the rights to the Marvel characters even if Comcast winds up purchasing 21st Century Fox. AT&T just bought Time Warner for $81 billion, after a federal judge rejected the government's antitrust concerns.
"We are extremely proud of the businesses we have built at 21st Century Fox and firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace at a dynamic time for our industry", Murdoch, the executive chairman of Fox, said.
With this deal, Disney will get ownership of 20th Century Fox movie and television studio, Fox's 22 regional sports channels, cable channels including FX and National Geographic, and Fox's portfolio of worldwide operations, including a fast-growing pay-TV service in India.
21st Century Fox has agreed to an improved offer from The Walt Disney Co. worth $38 a share, up from $28 a share which was agreed upon in December. The deal will also give Disney 60% ownership of Hulu.
For all the certainty Iger projects, many observers believe the Disney-Fox-Comcast intrigue is in early innings.
"Comcast's balance sheet may preclude it from bidding much higher", Sweeney said.
In light of the revised terms contained in the amended and restated Disney Merger Agreement, 21CF's board, after consultation with its outside legal counsel and financial advisors, has not concluded that the unsolicited proposal it received on June 13, 2018 from Comcast could reasonably be expected to result in a "Company Superior Proposal" under the Disney Merger Agreement. If 21st Century Fox completes its acquisition of the 61% of Sky it doesn't already own prior to closing of the Disney acquisition, Disney would assume full ownership of Sky, including the assumption of its outstanding debt, upon closing.
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