FOX Accepts Higher Cash Bid From Disney - Dealing A Blow To Comcast

21 June, 2018, 01:48 | Author: Kristopher Anderson
  • Disney raises bid for 21st Century Fox assets to more than $70.3 billion

In offering to take on $13.8 billion in Fox debt, Disney's revised proposal effectively adds up to an $85.1 billion transaction.

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. The new offer comes just a week after Comcast's $65 billion bid. Disney's move had been expected ever since Comcast's bid, which was higher than Disney's original offer in December of $52.5 billion in stock.

Following the deal, Fox shareholders would own about 19% of the combined company, Disney's chief financial officer Christine McCarthy said on a conference call.

Fox appears to be reluctant to strike a deal with Comcast because of concerns about getting regulatory approval from the federal government. They are doing exactly that by pursuing the purchase of 21st Century Fox.

Under the amended acquisition agreement announced today, Disney would buy Fox for $71.3 billion in cash and stock.

Iger had this to say on why Disney has such a big bid ($71.3 billion) for the company's assets. In a call with analysts, Iger said he believes Disney's bid is superior to Comcast's from a regulatory perspective, and said that six months of dealing with regulators both in the USA and internationally has given Disney a "meaningful head start".

Egypt get Salah boost ahead of opener against Uruguay
Uruguay also has three points while Egypt and Saudi Arabia have none. In the history of football we have broken a spell. Egypt's final game is against Saudi Arabia.

It's Trump's party now as GOP learns not to cross president
The hosts were discussing Donald Trump critic Mark Sanford's defeat Tuesday in South Carolina's first congressional district. The president and his political team have wrestled with just how involved he should get in Republican primaries.

Spain offers to accept migrant ship after Italy, Malta refuse
It added that the Aquarius "is still waiting for definitive instructions regarding the port of safety". Last week, Salvini said Rome should increase its deportations of migrants .

Fox said that in light of the new offer tabled by Disney it has concluded that Comcast's bid can not be considered to result in a better deal for shareholders. Last week's consummation of the long-simmering AT&T-Time Warner merger has all but given the green light to titans like Disney and Comcast looking to build their respective empires by snapping up smaller entities.

The New York Times reported last week that Comcast was determined to buy Fox's film and TV assets after a deal to absorb Disney fell through in 2004, which sources told the newspaper Comcast views as a mistake.

Shares of Fox jumped $2.88, or 6.5 percent, to $47.16 in early trading, which may suggest investors are expecting Comcast to return with an upped bid.

Comcast is yet to comment on the new deal. In 2017, Disney's Buena Vista held a dominant 21.8% of the movie market share, while 20th Century Fox held 12%.

The Fox sale would not include major assets such as the Fox News Channel, Fox Business Network, and Fox Broadcasting Company.

If Disney doesn't want to reach above $80 billion, one option may be to look for detente with Comcast by splitting up Fox's assets. 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.

Recommended:

  • The Best Tweets Responding to Homeland Security Secretary Kirstjen Nielsen's Lies. Period

    The family separation issue has emerged as one of the most inflammatory issues in a legislative fight to pass immigration reform. Is this the best way to handle families entering the US illegally, seeking asylum? That's when they were separated.
    Vladimir Putin invites Kim Jong Un to Russian Federation  in September

    Vladimir Putin invites Kim Jong Un to Russian Federation in September

    He added that Mr Trump and Mr Kim had a "blunt conversation" about the changes needed for North Korea to rejoin the world community.
    Trump commutes sentence of Alice Johnson

    Trump commutes sentence of Alice Johnson

    Trump's action comes just days after he met with Kardashian West, at the White House to discuss prison reform. Johnson's future and hopeful that she -and so many like her - will get a second chance at life".
  • Lionel Messi Reacts To 'Painful' Penalty Miss As Cristiano Ronaldo Comparisons Grow

    Lionel Messi Reacts To 'Painful' Penalty Miss As Cristiano Ronaldo Comparisons Grow

    After which, a neatly organized Iceland side was more than able to keep pace, and the score remained 1-1 'til the final whistle. And Israeli Defence Minister Avigdor Liberman seems to know the reason behind Messi's dramatic penalty miss.
    Jada Pinkett Smith & Daughter Willow Get Candid About Orgasms in New Video

    Jada Pinkett Smith & Daughter Willow Get Candid About Orgasms in New Video

    "My introduction to sex was obviously walking in on you and Daddy", Willow , 17, quipped. The women then began to discuss self-love and pleasuring yourself as a woman.
    First Photos Arrive For Wonder Woman 1984

    First Photos Arrive For Wonder Woman 1984

    If you somehow still haven't seen Wonder Woman (and you really should), major spoilers for the first movie follow. It's rumored that Linda Carter, the original " Wonder Woman " actress, may make an appearance as well.
  • Frustrated Mickelson swats moving ball with putter at Open

    Open or anything. "No question it was going to go down into the same spot behind the bunker and I wasn't going to have a shot". Phil Mickelson reacts to his putt on the third hole during the third round of the U.S.
    United Nations  envoy: Italy’s rejection of migrant ship ‘shameful

    United Nations envoy: Italy’s rejection of migrant ship ‘shameful

    Navy ship recovered 40 survivors after a shipwreck on Tuesday, but it still had not disembarked them on Thursday. Macron said he "had not made any comment meant to offend Italy and the Italian people", the statement said.
    A Victory for Voting Law

    A Victory for Voting Law

    That makes Ohio's system "a bit stricter", said Wanda Murren, director of communications for the Pennsylvania Department of State. Circuit Court of Appeals in Cincinnati in 2016 blocked Ohio's policy, ruling that it ran afoul of the 1993 law.
  • U.S. Withdraws from United Nations Human Rights Council

    U.S. Withdraws from United Nations Human Rights Council

    Under President Barack Obama the U.S. was elected for a maximum two consecutive terms on the council by the UN General Assembly . Human Rights Council called for an end to the policy , prompting Haley to criticize the worldwide body.
    Melania Trump `had big operation and can´t fly for a…

    Melania Trump `had big operation and can´t fly for a…

    On Friday, the president of United States of America, Donald Trump articulated the sudden hospitalisation of his wife Melania . Mr Trump then added: "And you know what?" Melania is redefining the role of the first lady in this country.
    Anthem gameplay trailer reveals how quests, combat, and flying work

    Anthem gameplay trailer reveals how quests, combat, and flying work

    Closing out the EA Play conference, Anthem's official release date was revealed: February 22 , 2019, for PC, Xbox One , and PS4. These foes are dead set on creating a super weapon using something called the " Anthem of Creation".


Popular

WC FIFA 2018: Sweden wins against South Korea by VAR penalty
Centre-back Hummels said Germany had ignored the warnings from their shaky 2-1 win over Saudi Arabia in their final warm-up game. They should have equalised in the dying seconds but Hwang Hee-chan put a free header wide, spurning the Koreans' best chance.

Croatia's Nikola Kalinic sent home from World Cup due to back injury
They face Argentina on Thursday (19:00 BST) and finish their Group D campaign against Iceland on Tuesday 26 June (19:00 BST). He did the same thing against Brazil and England, saying he wasn't ready, and for yesterday's training session too.

Sri Lanka skipper charged with ball-tampering by ICC
Sri Lanka captain Dinesh Chandimal has been charged with ball-tampering by the International Cricket Council (ICC). The match referee Javagal Srinath was also seen having an animated discussion with the Sri Lankan team officials.

Phil Mickelson goes bonkers with his putter at the US Open
Shinnecock Hills has been ripping apart the world's best players all week and it all must have just gotten to Mickelson. Phil Mickelson became the talk of tonight's round in the US Open when sanctioned for putting a moving ball.

Donald Trump Tweets: North Korea No Longer A Nuclear Threat
Trump cast the decision as a cost-saving measure, but also called the exercises "inappropriate" while talks continue. The Korean War ended in 1953 without a peace treaty, leaving the two sides in a technical state of war.

Michael Cohen expected to flip as attorneys leave case
But the Times report also offered a less immediate timeline for the departure of Cohen's legal team than ABC's initial report did. If prosecutors decide the information they're getting is valuable enough, they agree to a plea deal with a defendant.

Why Meghan Markle stood behind Kate Middleton for her balcony debut
There were huge cheers as the Queen took to one side of the crowd and the Duchess to the other. At one point, a woman said to send love to Harry, and that Meghan should "take care of him".

Russian Federation defeats Saudi Arabia 5-0
Every World Cup needs the host nation to energise the population, and Russian Federation have ticked that box with this result. Don't miss a moment of the World Cup! 2018 러시아 월드컵 드디어 막을 올린다 The wait is finally over for Football fans around the world.

Princess Charlotte had a great fall but Kate Middleton saved the day
All eyes were on Prince George and Princess Charlotte on Sunday as they frolicked in the sunshine at their father's polo match. The third-in-line to the throne was photographed playing with the gun with a friend in the grass.

Porsche Taycan name announced for 2019 Mission E electric GT auto
Porsche claims a 0-60 time of "well under 3.5 seconds" and a range of more than 300 miles based on the New European Driving Cycle. At the special exhibition being held at the Porsche Museum, the Mission E concept vehicle is a significant part of the show.