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Disney Raises Bid to $71.3 Billion for Twenty-First Century Fox Assets

Disney_FOXAccording to a CNBC report, The Walt Disney Co. raised its offer for Twenty-First Century Fox (21CF)’s movie and TV assets to $71.3 billion. The new bid is for $38.00 a share, which rivals last week’s offer from Comcast for an all-cash $35.00 a share.

Disney and 21CF entered into a definitive agreement in December for Disney to acquire 21CF, including the Twentieth Century Fox Film and Television studios, along with cable and international TV businesses, for approximately $52.4 billion in stock.

21CF executive chairman Rupert Murdoch and Disney CEO Robert Iger reportedly met the night before the new offer was submitted. The new bid grants Fox shareholders the ability to choose cash or stock.

21CF said its board hadn’t finished Comcast’s bid, and said that it could “result in a ‘Company Superior Proposal’ under the Disney Merger Agreement.” A spokesman for Comcast said it does not have a comment at this time.

 

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