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Disney Raises Fox Bid to $71 Billion, Dealing Blow to Comcast

Disney Raises Fox Bid to $71 Billion, Dealing Blow to Comcast

Reaching more than 1.8 billion subscribers in approximately 50 local languages every day, 21st Century Fox is home to a global portfolio of cable and broadcasting networks and properties, including FOX, FX, FXX, FXM, FS1, Fox News Channel, Fox Business Network, FOX Sports, Fox Sports Regional Networks, National Geographic Channels, Star India, 28 local television stations in the USA and more than 350 worldwide channels; film studio Twentieth Century Fox Film; and television production studios Twentieth Century Fox Television and a 50 per cent ownership interest in Endemol Shine Group.

Fox management was meeting today to evaluate the Comcast offer, which Comcast claims was superior to Disney's offer, although the value of Disney's all-stock offer had increased since December because the value of Disney stock has risen since then.

Disney has upped its offer to $71.3bn (£54bn) - from $52.4bn - trumping Comcast's $65bn all-cash hostile offer tabled last week. This valuation is a $3 premium over Comcast's $35 a share all-cash offer that they made just last week.

The deal became possible when Murdoch, 87, and his sons chose to slim down their media-entertainment empire, leaving them with the Fox News Channel, the Fox broadcast network and sports cable operations. "He seems very personally committed to this".

Fox has accepted Disney's offer, but Comcast can still up their own offer.

Korea hints at suspending military drills with US
The U.S. has stationed combat troops in South Korea since the end of the Korean War and has used them in a variety of drills. Pompeo, the former Central Intelligence Agency director, then plans to fly to Beijing to update the Chinese government.

The new Disney offer, which would be in cash or stock divided proportionately, is about $10 higher than Disney's first bid in December 2017. The company isn't just a cable provider, he said, but a broadband provider, too.

The sale also includes Fox's stake in Sky plc, Europe's largest pay-television broadcaster, which owns Sky News. Disney's new offer of $38 per share is half cash and half stock. Additionally, Disney CEO Bob Iger told analysts Wednesday morning, "We are already six months into the regulatory process and we are confident we have a clear and timely path to approval".

The US government is now suing to block a merger between Time Warner, and the telecoms giant AT&T.

In pre-market trading, Fox shares rose 5.4% to $47.11, Comcast's were marginally lower, while Disney's rose by 1.3% to $107.50. But Comcast has also bid to buy all of Sky at £12.50 ($16.46) a share (higher than Fox's proposal of £10.75 a share). But it comes with one key change created to stave off Comcast's all-cash offer: a provision that allows Fox shareholders to decide whether to accept their payment in cash or stock. The acquisition will occur immediately after the spin-off by 21st Century Fox of the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, FS1, FS2 and Big Ten Network into a newly listed company referred to as New Fox.

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