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Old 22 Jun 2018, 02:42 PM   #1
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Default Comcast Enters Bidding War for Fox, Disney Ups Offer

Comcast's $65 billion cash bid for 21st Century Fox has forced Disney to up their offer for the film and television studio's assets.

Before Comcast's bid, Fox has already stated they were happy with Disney's $52.4 billion all stock offer, and Comcast's bid did not alter Fox's preference for a deal with Disney. That deal, had it been accepted, would give Fox shareholders a 25% stake in Disney.

Regardless, Disney felt an improved bid was necessary and has now upped the bid to $71.3 billion, although the new bid will be a mixture of stock and cash.

Fox has stated the new Disney deal "is superior to the proposal" submitted by Comcast.

Comcast's bid is seen as a response to AT&T's $85 billion proposed acquisition of Time Warner.

On the other hand if Disney succeeds in its bid to buy Fox, it would allow Disney to acquire movie and distribution rights to Marvel properties that are currently with Fox, including the X-Men and Fantastic Four series. Fox also owns distribution rights for the original Star Wars movie, despite Disney's acquisition of Lucasfilm.

Disney is also planning to launch its own streaming platform, and having Fox's library of titles would greatly enhance its potential streaming offering.

[via Wall Street Journal, Media Play News]
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