Disney Ups Its Fox Offer To $71bn Outbidding Comcast

Disney is very, very keen to get its mitts on 21st Century Fox, having just increased its offer to an eye-watering $71.3 billion (£54bn).

The company has found itself in a bit of a bidding war with rival Comcast to buy the bulk of the Fox entertainment empire, as traditional media companies scramble to try and compete with online streaming giants, such as Netflix.

PA

Disney's new offer of $38/£28-a-share, is around $10/£7.50 dollars-a-share higher than the initial bid it placed in December and three dollars (£2.28) above what Comcast offered in May.

Disney boss Robert Iger said in a statement: "The acquisition of 21st Century Fox will bring significant financial value to the shareholders of both companies and after six months of integration planning we're even more enthusiastic and confident in the strategic fit of the assets and the talent at Fox."

According to Sky News, Fox's board is recommending the increased offer from Disney, calling it 'superior' - well, you can't argue with that.

via GIPHY

Whichever company wins the deal would acquire 21st Century Fox's critically acclaimed film production businesses, including 20th Century Fox, Fox Searchlight Pictures and Fox 2000 - the homes of Avatar, X-Men, Fantastic Four, and Deadpool, as well as a number of US cable TV networks including FX and National Geographic, a 30 percent stake in Hulu and the Indian Network star.

To make things even more complicated and confusing, both companies are also separately bidding for Sky. My head hurts.

Speaking last December when news of the buy-out first surfaced, executive chairman of 21st Century Fox Rupert Murdoch said: "We are extremely proud of all that we have built at 21st Century Fox, and I firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace in what is an exciting and dynamic industry.

"Furthermore, I'm convinced that this combination, under Bob Iger's leadership, will be one of the greatest companies in the world. I'm grateful and encouraged that Bob has agreed to stay on, and is committed to succeeding with a combined team that is second to none."

So now it looks like its over to Comcast to see if its willing to make an even bigger bid.

Source: BBC; Sky News

Topics: Disney, TV and Film, US News, Fox

Claire Reid

Claire is a journalist at LADbible who, after dossing around for a few years, went to Liverpool John Moores University. She graduated with a degree in Journalism and a whole load of debt. When not writing words in exchange for money she is usually at home watching serial killer documentaries surrounded by cats. You can contact Claire at [email protected]

@ClaireReid19