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| Disney increases bid for Murdoch's Fox assets | Disney increases bid for Murdoch's Fox assets |
| (35 minutes later) | |
| Disney has increased its offer for 21st Century Fox to $71.3bn in cash and shares, up from an earlier $52bn offer. | Disney has increased its offer for 21st Century Fox to $71.3bn in cash and shares, up from an earlier $52bn offer. |
| The move values Fox at $38 a share, some $10 higher than Disney's first offer in December. | The move values Fox at $38 a share, some $10 higher than Disney's first offer in December. |
| Disney is locked in a battle with US media conglomerate Comcast, which has offered $65bn in cash for Fox. | Disney is locked in a battle with US media conglomerate Comcast, which has offered $65bn in cash for Fox. |
| "The acquisition of 21st Century Fox will bring significant financial value to the shareholders of both companies," said Disney boss Robert Iger. | "The acquisition of 21st Century Fox will bring significant financial value to the shareholders of both companies," said Disney boss Robert Iger. |
| 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 international businesses. | 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 international businesses. |
| Disney also wants to acquire those businesses. The two firms are also vying for ownership of Sky in the UK. | Disney also wants to acquire those businesses. The two firms are also vying for ownership of Sky in the UK. |
| Fox said it would now allow shareholders to evaluate Disney's amended offer. Disney's latest offer is "superior" to the proposal made by Comcast, Fox said in a statement. | Fox said it would now allow shareholders to evaluate Disney's amended offer. Disney's latest offer is "superior" to the proposal made by Comcast, Fox said in a statement. |
| In pre-market trading, Fox shares rose 5.4% to $47.11, Comcast's were marginally lower, while Disney's rose by 1.3% to $107.50. | In pre-market trading, Fox shares rose 5.4% to $47.11, Comcast's were marginally lower, while Disney's rose by 1.3% to $107.50. |
| Any takeover by either Disney or Comcast would be likely to face regulatory scrutiny. | |
| The US government is currently suing to block a merger between Time Warner, and the telecoms giant AT&T. | |
| 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. | |
| It has driven broadcast giant CBS to try to merge with Viacom, which owns the MTV and Nickelodeon television stations. | |
| It has also spurred AT&T's $85.4bn offer for Time Warner, whose assets include pay TV channel HBO. |