The battle over the future of entertainment is ongoing. After the turn of events which was the higher bid for 21th Century Fox proposed by Comcast earlier this month, Disney is back on track trying to make an acquisition of an unprecedented level that would change the course of global entertainment.
The initial sum offered by Disney was $52.4 billion; it was later outbid by Comcast with a new $65 billion proposal for the acquisition, the assets of which include 20th Century Fox, Fox’s film studio, FX Networks, National Geographic, 30% of Hulu and 39% of European satellite broadcaster Sky.
Current executive chairman of 21st Century Fox, Rupert Murdoch, and his son, Lachlan, would retain assets that include Fox News and Fox Broadcasting Company into a new standalone company.
On Wednesday, Disney named a new price: $71.3 billion in cash and stock with some debt to partly finance the transaction. “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,” said Murdoch after Disney’s new proposition, as reported by Variety.
Bob Iger, the CEO of Disney, spoke about “the potential impacts of [this acquisition] on markets across the world,” on NBC, and he ensures that, “after six months of integration planning we’re even more enthusiastic and confident in the strategic fit of the assets and the talent at Fox.”
The bidding war against Fox put two of the industry’s most prominent businessman, Iger and Comcast head, Brian Roberts. No statement has been so far released by Comcast.
Fox postponed a meeting with shareholders to vote on the deal which was scheduled for July 10. The world remains breathless as the two titans, each possessing historical film and television assets, attempt to make it fit.