Disney boosts Fox bid to $71.3b to counter Comcast

Disney raised its offer for key assets of 21st Century Fox on Wednesday to $71.3 billion to counter a rival bid from Comcast in the latest move in a bidding war that could create a dominant player in the media-entertainment world, reports AFP from Washington. The move by Walt Disney Co. comes a week after Comcast, the largest US cable provider and owner of the NBCUniversal group, bid $65 billion for the prized Fox assets being shed by Rupert Murdoch's family empire.

Disney announced that it signed an amended acquisition agreement with Fox, adding a cash component to the $52 billion stock deal announced in December.

Disney chairman and chief executive Robert Iger said the acquisition of the 20th Century Fox studios and television assets in the US and abroad would better position his company to compete in a media landscape being disrupted by big technology players.

The tie-up "is an extremely compelling proposition for consumers that will allow us to create even more appealing high quality content, expand our direct to consumer offerings, an international presence and deliver more exciting and personalized entertainment experiences to meet the growing demands of consumers worldwide," Iger told a conference call.

Disney said the value of the assets -- which include production companies responsible for "The Simpsons" and "Modern Family," as well as film production businesses -- had increased compared to December due to tax reform and operating improvements.

The deal also would give Disney a controlling stake in Hulu, the online platform created by media groups to challenge Netflix and Amazon. Comcast and Disney each own a 30 percent stake in Hulu and Time Warner holds 10 percent.

Disney already owns the ABC broadcast television network, sports broadcasting group ESPN and major Hollywood film studios along with theme parks around the world.

It remained unclear whether Comcast would increase its bid, which was announced as an all-cash deal in a bidding war that will leave a top player in Hollywood and the global television market.

The winner would get a stronger foothold in international markets including Fox's operations in Europe and India.

Included in the planned sale is Fox's 39 percent stake in the British pay TV operator Sky. Murdoch has sought full control of Sky but has faced opposition from regulators in Britain.

Disney boosts Fox bid to $71.3b to counter Comcast

Disney raised its offer for key assets of 21st Century Fox on Wednesday to $71.3 billion to counter a rival bid from Comcast in the latest move in a bidding war that could create a dominant player in the media-entertainment world, reports AFP from Washington. The move by Walt Disney Co. comes a week after Comcast, the largest US cable provider and owner of the NBCUniversal group, bid $65 billion for the prized Fox assets being shed by Rupert Murdochs family empire. Disney announced that it signed an amended acquisition agreement with Fox, adding a cash component to the $52 billion stock deal announced in December. Disney chairman and chief executive Robert Iger said the acquisition of the 20th Century Fox studios and television assets in the US and abroad would better position his company to compete in a media landscape being disrupted by big technology players. The tie-up is an extremely compelling proposition for consumers that will allow us to create even more appealing high quality content, expand our direct to consumer offerings, an international presence and deliver more exciting and personalized entertainment experiences to meet the growing demands of consumers worldwide, Iger told a conference call. Disney said the value of the assets -- which include production companies responsible for The Simpsons and Modern Family, as well as film production businesses -- had increased compared to December due to tax reform and operating improvements. The deal also would give Disney a controlling stake in Hulu, the online platform created by media groups to challenge Netflix and Amazon. Comcast and Disney each own a 30 percent stake in Hulu and Time Warner holds 10 percent. Disney already owns the ABC broadcast television network, sports broadcasting group ESPN and major Hollywood film studios along with theme parks around the world. It remained unclear whether Comcast would increase its bid, which was announced as an all-cash deal in a bidding war that will leave a top player in Hollywood and the global television market. The winner would get a stronger foothold in international markets including Foxs operations in Europe and India. Included in the planned sale is Foxs 39 percent stake in the British pay TV operator Sky. Murdoch has sought full control of Sky but has faced opposition from regulators in Britain.