Fox Accepts Disney's $71.3 Billion Offer

Fox Accepts Disney's $71.3 Billion Offer

Fox Accepts Disney's $71.3 Billion Offer

The meeting is likely to result in Fox kicking off a process to formally evaluate Comcast's bid, the people said, asking not to be identified as the matter is private.

Diversified Private Wealth Advisors President Dominick Tavella and Rosecliff CEO Mike Murphy on Comcast's bid challenging Disney's deal to acquire 21st Century Fox' entertainment assets and the outlook for Federal Reserve policy. Both Disney and Comcast are looking to use the Fox assets to bolster their content and expand overseas.

Fox accepted the sweetened terms, saying it offers "a package of consideration, flexibility and deal certainty enhancements that is superior to the proposal made by the Comcast Corporation".

Deadline reports most analysts and industry observers had expected Disney to match Comcast, but not go so much higher.

That's more than the $65 billion Comcast (CMCSA) offered a week ago.

The 21st Century Fox logo is displayed on the side of a building in midtown Manhattan. The battle for Twenty-First Century Fox reflects a new imperative among entertainment and telecommunications firms.

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The Disney-Comcast contest will determine who controls much of Rupert Murdoch's empire, including Fox's movie and TV studios, television networks such as FX, and multi-channel providers like Star India and Sky Plc. "Further hampering Comcast's ability to respond is its position that it does not want to use its stock in a deal at these low levels".

A US court's recent approval of AT&T's merger with Time Warner raised the likelihood that Comcast's similar proposed deal with Fox would get the green light from regulators, according to analysts. The acquisition price implies a total equity value of approximately $71.3 billion and a total transaction value of approximately $85.1 billion (assuming no tax adjustment).

Following the deal, Fox shareholders would own about 19 percent of the combined company, Disney Chief Financial Officer Christine McCarthy said on a conference call.

Meanwhile, there's a separate - yet intertwined - fight for Sky, the British pay-TV company.

Fox's board said it still has the right to weigh competing offers, signaling that the bidding war for its assets could continue.

Disney's new offer is essentially the same as the first - just with a higher valuation for the Fox assets.

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