Jun 20, 2018 02:16 PM EST
Disney Now Offering $71.3 Billion for Fox Deal
The Walt Disney Company has now offered Fox $71.3 billion in cash and stock for their studio and cable network assets. The company has upped their bid in an attempt to win out over Comcast.
Originally, Disney offered the media giant $52.4 billion and then Comcast decided that they wanted to be taken seriously with their interest in Fox, putting in a bid of $65 billion. Disney's new bid is now almost 10% higher than Comcast's. In the deal, Disney is offering $38 per share in cash and stock, and taking on $13.8 billion of Fox's net debt.
Disney CEO Bob Iger said, "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. At a time of dynamic change in the entertainment industry, the combination of Disney's and Fox's unparalleled collection of businesses and franchises will allow us to create more appealing high-quality content, expand our direct-to-consumer offerings and international presence, and deliver more personalized and compelling entertainment experiences to meet growing consumer demand around the world."
We will continue to follow this bidding war as it develops.
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