Disney raises its bid for Fox to $71 billion
Disney just raised the stakes in the fight for 21st Century Fox.
The company sweetened its offer Wednesday — $71.3 billion for Fox’s movie studio, along with Fox’s regional sports networks and cable channels like FX and National Geographic.
That’s more than the $65 billion Comcast offered a week ago. Disney had initially bid $52.4 billion for Fox in December.
The new agreement is essentially the same as the first — just with a higher valuation. But it comes with one key change designed 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.
“We are extremely proud of the businesses we have built at 21st Century Fox, and firmly believe that this combination with Disney will unlock even more value for shareholders,” said Rupert Murdoch, executive chairman of 21st Century Fox.
Murdoch said Fox believes Disney’s offer is better than Comcast’s — but the company said it would consider a bids from other companies, including a revised offer from Comcast.
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