This stake now stands at 39.1% but Fox is seeking to take full control of the business prior to selling it on to Disney. On the TV side some titles they will control include The Simpsons, Family Guy, Legion, American Horror Story, The Orville, NBC's This Is Us and ABC's Modern Family.
As of this writing, Rupert Murdoch, executive chairman of 21st Century Fox, believes that Disney is putting out the better offer, but is totally open to accepting a bid from Comcast should they raise it. But it comes with one key change created to stave off Comcast's all-cash offer: a provision that allows Fox shareholders to decide whether to accept their payment in cash or stock. Disney committed to giving Fox shareholders Disney shares worth $38, as long as Disney's average stock price remains between $93.53 and $114.32. Elections of cash and stock will be subject to proration to the extent cash or stock is oversubscribed. Fox will have to pay Disney a $1.5 billion breakup fee if it backs out of that deal. That would lift the total transaction value above about $85-billion.
As part of the deal, Disney will acquires 20th Century Fox, Fox's film studio, as well as a cable group that includes FX Networks, National Geographic and several global channels and regional sports networks.More news: Meghan and Harry to join Queen at Royal Ascot
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An important part of the Fox assets getting attention are the company's worldwide assets such as Star India. Comcast and Disney each own a 30 percent stake in Hulu and Time Warner holds 10 percent.
Iger also pointed to regulatory advantages enjoyed by Disney.
The fight for 21st Century Fox comes as traditional media groups scramble to consolidate in the face mounting competition from online challengers like Netflix and Amazon. In light of the amended agreement, the companies are required to prepare updated SEC filings and proxy materials which will be sent to shareholders. Once 21CF determines the new date for 21CF's special meeting of stockholders, the date will be communicated to 21CF stockholders.
Keep reading ComingSoon.net for future details on Disney's acquisition of the 21st Century Fox assets!