FOX Accepts Higher Cash Bid From Disney - Dealing A Blow To Comcast

The X Men may be headed to Disney after all.                  21st Century Fox

The X Men may be headed to Disney after all. 21st Century Fox

The mouse is chasing the fox.

Disney is making a $70.3 billion counterbid for Fox's entertainment businesses following Comcast's $65 billion offer for the company.

An important part of the Fox assets getting attention are the company's worldwide assets such as Star India.

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Analysts have been gearing up for more media consolidation following last week's approval by a United States judge of a massive $85 billion takeover by telecom-broadband giant AT&T of media-entertainment conglomerate Time Warner.

Comcast bid $35 per share for Fox's entertainment assets, while Disney's agreed offer is valued at about $29.12 a share based on its Tuesday closing price.

It is also thought Comcast's all-cash offer would crystallise a significantly capital gains tax bill for Mr Murdoch than would Disney's offer.

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"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", he said. Are you glad to see Disney own FOX? In a call with analysts. The situation is fluid, and the Fox board's thinking could change, the people said. In a call with analysts, Iger said he believes Disney's bid is superior to Comcast's from a regulatory perspective, and said that six months of dealing with regulators both in the US and internationally has given Disney a "meaningful head start".

Fox's worldwide assets such as Star India appeal to both Disney and Comcast, which want to expand their global presence. Comcast, Disney and Fox each own a 30 percent stake in the business, and whoever wins the bid for Fox would own a majority stake. GBH Insights analyst Dan Ives said he thinks the "line in the sand" is $75 billion to $80 billion.

Disney no longer expects to complete the $20 billion share repurchase it announced in December, McCarthy said. "That said, this poker game appears to be just getting started and now it's Comcast and (Comcast CEO Brian) Roberts move to show their next hand".

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The deal would boost Disney's worldwide dominance in the industry and include Fox film and TV studios, as well as some cable networks and global assets. All this means is that the company is officially recognizing Disney's bid as the single best offer on the table. Comcast's current bid was already poised to load the company up with debt, and its shares have fallen 18 per cent this year. But it comes with one key change created 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.

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