Disney Fox Acquisition Solidified With $71.4 Billion Deal

Disney Fox Acquisition Solidified With $71.4 Billion Deal

This news comes after Comcast made an aggressive $65 billion all-cash offer last week for the 21st Century Fox assets, forcing Disney to increase its initial $52.4 billion purchase for the Fox acquisition. Comcast's offer was all cash. They are amassing ever more programming to better compete with technology companies such as Amazon and Netflix for viewers' attention - and dollars. Granted, they'd sued to block the merger between AT&T and Time Warner - which didn't pan out, obviously - but with Disney and Comcast still going toe to toe, with plenty left in the tank, this thing is far from over.

Rupert Murdoch's 21st Century Fox Inc.is leaning toward starting negotiations with Comcast Corp., paving the way for a bidding war over its entertainment assets, people with knowledge of the matter said. The meeting is likely to result in Fox kicking off a process to formally evaluate Comcast's bid, the people said, asking not to be identified as the matter is private.

Disney no longer expects to complete the $20 billion share repurchase it announced in December, McCarthy said. "That said, this poker game appears to be just getting started and now it's Comcast and (Comcast CEO Brian) Roberts move to show their next hand". Part of the business will be used to create an entity called "New Fox", which will include the highly lucrative Fox News, the sports channels FS1 and FS2, and the Fox broadcasting channel.


Walt Disney isn't taking Comcast's bid for 21st Century Fox lying down. "At a time of dynamic change in the entertainment industry, the combination of Disney's and Fox's unparalleled collection of businesses and franchises will allow us to create more appealing high-quality content, expand our direct-to-consumer offerings and global presence, and deliver more personalized and compelling entertainment experiences to meet growing consumer demand around the world".

Fox shares jumped 6.3 percent to $47.52 in early trading, while Comcast was up 1 percent at $33.24.

Under the amended and restated Disney Merger Agreement, Disney would acquire those businesses on substantially the same terms, except that, among other things, Disney's offer allows 21CF stockholders to elect to receive their consideration, on a value equalized basis, in the form of cash or stock, subject to 50/50 proration. Disney is the parent company of 6abc.

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