INSUBCONTINENT EXCLUSIVE:
In a (perhaps not so shocking) turn of events, the Walt Disney Company has reentered its tug-of-war with Comcast over the acquisition of
Fox film and TV divisions with a new $71.3 billion bid today
This bid is not only $18.9 billion higher than itsoriginal bid in Decemberbut it has also changed its terms, which had originally offered
only stock, to offer a 50/50 split between a cash and stock payout
Importantly, this also is $6.3 billion more than Comcast all-cash offer earlier this month.
This new bid puts Disney back on firm footing in
its battle to acquire Fox film and television assets, including Twentieth Century Fox, Fox Searchlight Pictures, FX Productions, National
Geographic Partners and a majority stake in Hulu
But, if we&ve learned anything from these updates, it that nothing should be set in stone just yet.
In case you&re not caught up on the
twists and turns of this acquisition, here what you missed:
In December, Disney bid to buy Fox film and television assets — excludingFox
News Channel, Fox Business Network and a few others that will branch off to form the &New Fox& channel — for an all-stock offer of $52.4
According to Disney release in December this was a &definitive agreement& between the companies, but that was shaken up this summer by an
offer from Comcast.
In May, Comcast announced that it was considering a &superior& all-cash bid on the Fox assets and made good on that
statement last weekwith a $65 billion offer.
Today, that scale tips once more in Disney favor
In response to the news, Rupert Murdoch, executive chairman of 21st Century Fox, told Variety &We remain convinced that the combination of
21CF iconic assets, brands and franchises with Disney will create one of the greatest, most innovative companies in the world.&
However,
despite this praise, Fox board has stated that it retains the rights to weigh competing bids
So buckle-up, it looks like this ride isn&t over yet.
