Disney announced Wednesday it’s signed a new deal with Fox to pay about $71.3 billion in cash and stock for Fox’s movie studios, cable channels, international assets and its stake in Hulu, a boost from Disney’s and Fox’s original deal of $52.4 billion in stock.
The offer comes nearly a week after after Comcast elbowed its way into the Disney and 21st Century Fox merger with a $65 billion bid, writes Michelle Caffrey at bizjournals.com.
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Disney’s announcement represents the bidding war Wall Street expected to eventually play out when Comcast renewed its interest in acquiring the Fox assets. The Philadelphia-based company initially bid alongside Disney when Fox first explored breaking up the Murdoch media empire, and came in 16 percent higher than Disney’s bid, but Fox picked Disney’s lower offer, citing regulatory concerns and Comcast’s lack of a breakup fee.
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