Disney makes $70.3 billion counterbid for Twenty-First Century Fox
- by Ricky Curtis
- in Money
- — Jun 20, 2018
The move comes a week after Comcast, the US cable giant, offered $65bn in cash for the assets, which include 20th Century Fox - the Hollywood film studio behind hits such as Avatar, X-Men and Ice Age - US cable TV networks including FX and National Geographic and global pay television assets including Star TV in India.
Although there's been talking that the "most sensible outcome" would be for Disney and Comcast to "split the baby", the former may forego said option, opting to add cash to their initial all-stock offer instead, at least according to the latest from CNBC.
In a news release, Disney said it would pay $35.7 billion in cash and issue roughly 343 million new shares to 21st Century Fox shareholders.
"We remain convinced that the combination of 21st Century Fox's iconic assets, brands and franchises with Disney's will create one of the greatest, most innovative companies in the world".
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In a statement, Fox said the new deal is significantly better than Disney's earlier offer and "is superior to the proposal made by the Comcast Corporation". It can't really be said that Comcast would have really done anything good with them, so we will just have to wait and see how this pans out - as Comcast could still make a higher offer. That outcome is expected to spur a wave of media consolidation, emboldening companies to get more aggressive with deals. His newspapers such as Wall Street Journal, New York Post, Times of London and a portfolio of Australian properties are housed in a second company, News Corp. Last week, a judge signed off on AT&T's purchase of Time Warner, the parent company of CNN.
The 21st Century Fox logo is displayed on the side of a building in midtown Manhattan. The investor vote is now scheduled for July 10. Comcast's current bid was already poised to load the company up with debt, and its shares have fallen 18 per cent this year.
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. Now FOX's Board has officially agreed to sell most of FOX to Disney.
