NEW YORK, NY (CelebrityAccess) – Bloomberg News has today (June 20) reported that 21st Century Fox has accepted a brand new $38-a-share bid from Walt Disney Co. for its entertainment assets, dealing a certain blow to Comcast Corp.’s efforts to acquire the business.
As some may recall, Disney originally offered 21st Century Fox $28 a share back in December of 2017, so the price adjustment has sweetened the deal. It’s also $3 above the bid Comcast made last week.
Although Comcast’s previous all-cash offer was seen as a major enticement, the agreement would have been for an all-stock deal. Bloomberg says the new offer gives Fox shareholders the option to “take their payment in the form of cash or stock, up to a 50-50 level.”
If the deal goes through, Disney also plans to take on approximately $13.8 billion of Fox’s net debt, which will bring the total transaction value above about $85 billion.
Check back for updates. This is a developing story.