Disney makes $70.3 billion counterbid for Twenty-First Century Fox

Disney raises bid for 21st Century Fox assets to more than $70.3 billion

Disney raises bid for 21st Century Fox assets to more than $70.3 billion

The Walt Disney Company has boosted its bid to acquire the bulk of Twenty-First Century Fox, raising its offering to $71.3 billion in cash and stock. Disney's move had been expected ever since Comcast's bid, which was higher than Disney's original offer in December of $52.5 billion in stock.

Fox's share price was trading at $44 early on Wednesday morning, indicating investors believe a bigger bid is likely. Shares of Disney rose 1.3 percent, to $107.50. "Comcast." Disney's beefed-up bid comes as Fox's board of directors gets set to convene today for a previously scheduled meeting in which to consider the June 13 Comcast offer.

The improved offer came as 21st Century Fox board was set to decide whether to back Comcast's bid for assets that include Fox's film and television studios and worldwide businesses. "We remain convinced that the combination of [Fox's] iconic assets, brands and franchises with Disney's will create one of the greatest, most innovative companies in the world". Disney will also now control the rights to such current Fox cinematic franchises as Avatar, Planet of the Apes, Alien, Predator, Die Hard, Kingsman, Ice Age and Night at the Museum. Last week, a judge signed off on AT&T's purchase of Time Warner, the parent company of CNN.

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Fox News, along with Fox's broadcast network and sports cable channels FS1 and FS2, will be spun off into a business being called "New Fox".

The deal would include Fox movie and TV studios, some cable networks and global assets, but not Fox News Channel or the Fox television network.

Iger ruled out any split in assets with Comcast, as their agreement with Fox specifically doesn't allow for that.

Disney's new offer gives Fox shareholders the option to take their payment in the form of cash or stock, up to a 50-50 level.

Hummels criticises Germany tactics in Mexico loss
Mexico supporters outnumbered Germany fans at the Luzhniki Stadium and made nearly all of the noise, roaring their team forward. It took Mexico 56 years to win a World Cup opener - their victory coming at the ninth attempt on home soil at Mexico 1986.

The acquisition will significantly increase Disney's worldwide footprint and expand the content and distribution for its direct-to-consumer (DTC) offerings, which include ESPN+ for sports fans; a Disney-branded streaming video-on-demand service launching in late 2019 that will feature Disney, Pixar, Marvel and Star Wars films along with a host of exclusive original content and library titles; and its ownership stake in Hulu. Upon parting ways with those properties, Fox will spin off its flagship broadcast network business and the Fox News and Fox Sports units to form a new standalone company. The Murdochs face a large capital gains tax bill under Comcast's all-cash offer. Fox CEO Rupert Murdoch said the company "firmly believes" that the combination with Disney is a good fit.

"Comcast, unfortunately, is going to be losing a Disney battle for the second time".

China slaps additional tariffs on USD 50 bn worth of US goods
The country's Commerce Ministry said China will apply tariffs on U.S. goods at the "same scale and the same strength". The White House has announced a 25 percent levy on technology-related products worth around $50 billion.

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