Disney raises bid to buy 21st Century Fox to $71.3 billion

The Walt Disney Company has raised its bid to buy a huge chunk of 21st Century Fox Inc assets to a staggering $71.3 billion (54.2 billion pounds).

The move to raise their bid comes after Comcast Corp’s bid $65billion all-cash offer last week.

The new deal is significantly better than Disney’s original offer and “is superior to the proposal made by the Comcast Corporation.” The move to buy Fox’s film and television holdings started getting interesting when Comcast’s bid trumped Disney’s original suggestion of $52.4billion.

The deal, which would be about 50% cash and 50% stock, would see Disney pay around $38 per share for Fox.

“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 as the new Disney continues to set the pace at a dynamic time for our industry,” said Rupert Murdoch, executive chairman of 21st Century Fox.

“We remain convinced that the combination of 21CF’s iconic assets, brands and franchises with Disney’s will create one of the greatest, most innovative companies in the world.”

According to multiple sources, the deal would see Disney would 20th Century Fox, Fox’s film studio, as well as a cable group that includes National Geographic and several international channels and sports networks.

It’s also believed that the deal include’s Fox’s 30% stake in Hulu and 39% interest in UK satellite broadcaster Sky.

“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,” Disney chief Bob Iger said in a statement.

“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 personalised and compelling entertainment experiences to meet growing consumer demand around the world.”

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