The Mouse chases the Fox: Disney makes $71B counteroffer

21st Century 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", said Rupert Murdoch, Executive Chairman of 21st Century Fox.

With this deal, Disney will get ownership of 20th Century Fox movie and television studio, Fox's 22 regional sports channels, cable channels including FX and National Geographic, and Fox's portfolio of global operations, including a fast-growing pay-TV service in India. But, if we've learned anything from these updates, it's that nothing should be set in stone just yet.

Fox said that in light of the new offer tabled by Disney it has concluded that Comcast's bid can not be considered to result in a better deal for shareholders.

"The acquisition of 21st Century Fox will bring significant financial value to the shareholders of both companies", said Disney boss Robert Iger.

But Disney countered with the $71 billion deal, a 50-50 split between cash and stock options, that was quickly approved by Fox as being the superior option.

Today, that scale tips once more in Disney's favor. 21st Century Fox must be feeling pretty damn good about itself right now. So buckle-up, it looks like this ride isn't over yet.

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However, there is a conflicting report from Bloomberg that claims that Disney and Fox have agreed on this amount and that their deal is going forward.

Stay tuned to Heroic Hollywood for the latest developments on Disney and Comcast's bids for Fox's assets!

The release said Disney was confident the transaction would secure regulatory approval.

Bloomberg is now reporting the Walt Disney Company's potential purchase of 21st Century Fox's entertainment assets is about to pass antitrust approval from USA regulators, according to sources who know about the matter. Part of the business will be used to create an entity called "New Fox", which will include the highly lucrative Fox News, the sports channels FS1 and FS2, and the Fox broadcasting channel.

For all the certainty Iger projects, many observers believe the Disney-Fox-Comcast intrigue is in early innings. All of a sudden, it's like that girl in high school who everyone wants to ask out, as over the course of the past few weeks, the bid to acquire most of its assets has been raised by almost $20 billion.

As announced on May 30, 2018, 21CF has established a record date of May 29, 2018 and a meeting date of July 10, 2018, for a special meeting of its stockholders to, among other things, consider and vote on a proposal to adopt the Disney Merger Agreement. Disney said it's raising its offer because Fox's value increased due to "tax reform and operating improvements".

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