Fox Agrees to $71 Billion Bid From Disney in Blow to Comcast

Posted On June 20, 2018 1:14 pm

21st Century Fox Inc. accepted a sweetened, roughly $71 billion bid from Walt Disney Co. for its entertainment assets, dealing a blow to Comcast Corp.’s efforts to acquire the business.

The $38-a-share price is about $10 a share higher than what Disney offered in December — and $3 above Comcast’s bid from last week. The new agreement also offers more flexibility and other enhancements than the Comcast offer, Fox said on Wednesday.

At stake is a trove of media properties, ranging from “The Simpsons” to “X-Men,” that may help fend off the threat from Netflix Inc. and other streaming upstarts. Both Disney and Comcast are looking to use the Fox assets to bolster their content and expand overseas.

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