Disney buys 21st Century Fox for $71.3 billion
Disney's hounding of 21st Century Fox finally paid off.
Fox accepted Disney's massive $71.3 billion offer in cash and stock to buy the company, The Wall Street Journal reports. The whopping deal, which Disney proposed Wednesday morning, is "superior" to Comcast's $65 billion all-cash offer made earlier this month, Fox said in a statement Wednesday. Disney had previously offered $52.4 billion in stock before being outflanked by Comcast.
The rejection is good news for Comcast's bank account. Buying Fox would've plunged Comcast nearly $170 billion in the hole and made it one of the most indebted companies in the world, CNN reports.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Disney's acquisition includes the 20th Century Fox film and TV studio, Fox's American cable channels, and U.K.-based Sky News, says Bloomberg. Some major Fox assets, including Fox News, Fox Sports, and its TV stations, aren't part of the purchase. They'll be spun off into a so-called "New Fox."
The Justice Department still has to okay the deal, and Fox was worried that Comcast's offer posed bigger regulatory concerns, the Journal reports. A judge's recent approval of the AT&T-Time Warner merger bodes well for Fox and Disney's union.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
By Peter Weber, The Week US Published
-
Enron mystery: 'sick joke' or serious revival?
Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
By Peter Weber, The Week US Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published