Disney is making a $70.3 billion counterbid for Fox’s entertainment businesses following Comcast’s $65 billion offer for the company.
The battle for Twenty-First Century Fox reflects a new imperative among entertainment and telecommunications firms. They are amassing ever more programming to better compete with technology companies such as Amazon and Netflix for viewers’ attention — and dollars.
The deal would include Fox film and TV studios, some cable networks and international assets, but not Fox News Channel or the Fox television network. AT&T just bought Time Warner for $81 billion, after a federal judge rejected the government’s antitrust concerns.
Disney had made a $52.5 billion all-stock offer in December. It’s now offering $38 per Twenty-First Century Fox share, up from $28 per share.