Disney trumps Comcast with $71bn offer for Fox

Walt Disney hit back in the bidding war for 21st Century Fox’s prized entertainment and distribution businesses yesterday with a $71.3 billion offer that trumped Comcast’s rival bid.

21st Century Fox said that Disney’s new cash-and-shares offer, nearly $19 billion higher than its $52.4 billion all-shares bid in December last year, was “superior” to the $65 billion offer made by Comcast last week. 

Disney has also moved from its original tactic of an all-stock deal for Fox, owner of assets including X-Men film studio 20th Century Fox, and a 39% stake in Sky, to a 50/50 mix of cash and shares.

Comcast is expected to return to the table with a new bid in the region of $77 billion, reports suggested.

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