Wednesday, 19 September, 2018

Disney Ups Fox Bid to $71.3 Billion, Outflanking Comcast

21st Century Fox IT'S A BIDDING WAR: Disney boosts its offer for 21st Century Fox assets to $71. 3 billion
| 21 June, 2018, 00:40

In order to sweeten the pot for their 21st Century Fox bid, Walt Disney has upped their initial offer once again.

The tie-up "is an extremely compelling proposition for consumers that will allow us to create even more appealing high quality content, expand our direct to consumer offerings, an global presence and deliver more exciting and personalized entertainment experiences to meet the growing demands of consumers worldwide", Iger told a conference call.

"The acquisition of 21st Century Fox will bring significant financial value to the shareholders of both companies, and after six months of integration planning we're even more enthusiastic and confident in the strategic fit of the assets and the talent at Fox". Comcast's was all cash while Disney's new offer of $38 per share is half cash and half stock.

Disney's new offer is 36 higher than the one it reached with Fox in December.

Disney, meanwhile, could also benefit from Fox's wide range of television and film assets, which could feed into its streaming services, including a planned rival to Netflix sometimes referred to as Disneyflix.

The roughly $71.1 billion package from Disney now includes a cash component, which is meant to combat the all-cash bid offer from Comcast.


As announced on May 30, 2018, 21CF has established a record date of May 29, 2018 and a meeting date of July 10, 2018, for a special meeting of its stockholders to, among other things, consider and vote on a proposal to adopt the Disney Merger Agreement.

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 multi-channel providers like Star India and Sky Plc. That offer is now valued at $52.6 billion based on the latest number of outstanding shares provided by Fox.

It is also thought Comcast's all-cash offer would crystallise a significantly capital gains tax bill for Mr Murdoch than would Disney's offer.

Fox's share price was up 5% in the immediate aftermath of the announcement, while Comcast shares fell 0.5%.

Fox's board said it still has the right to weigh competing offers, signaling that the bidding war for its assets could continue.

The deal became possible when Murdoch, 87, and his sons made a decision to slim down their media-entertainment empire, leaving them with the Fox News Channel, the Fox broadcast network and sports cable operations.

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