Fox Shareholder Files Lawsuit To Halt Proposed Disney Acquisition

Comcast crashes Murdoch's Sky bid

LONDON-Rupert Murdoch's 21st Century Fox Inc. significantly lifted its offer price to consolidate ownership of Sky PLC, heating up a bidding war with Comcast Corp. for the British TV broadcaster.

Comcast, which made a $65 billion all-cash offer for the Fox assets last month only for Disney to raise its bid, is talking to private equity firms, including Apollo Global Management LLC (APO.N) and Blackstone Group LP (BX.N), to gauge interest about acquiring the RSNs, the sources said. Murdoch has a deal to sell Fox's entertainment assets including its Sky stake to Disney, though Comcast is weighing another bid for the Fox portfolio.

The 21st Century Fox logo is displayed on the side of a building in midtown Manhattan in NY, U.S., February 27, 2018.

Currently, Comcast's $29 billion bid has been accepted by United Kingdom regulators without conditions. "The enhanced scale and capabilities of the combination will enrich Sky's ability to continue on its mission for years to come, especially at a time of dynamic change in our industry".

Sky now operates in Britain, Ireland, Germany, Austria and Italy.

The offer follows 21CF and Disney amended merger agreement on June 20, which is subject to regulatory and shareholder approval, and is expected to complete within six to 12 months after June 20, 2018.

Should Disney succeed, it will obtain Fox's 39 per cent stake in Sky as part of the package.

The big question may be for Disney who, if the price goes any higher, may start to think that the company they want to buy - Fox - is overpaying for Sky, which in turn means they are getting a worse deal.

Disney now has a $71.3 billion deal in place with Fox to acquire the company's film production businesses, including Twentieth Century Fox, Fox Searchlight Pictures and Fox 2000 Pictures; Fox's television creative units Twentieth Century Fox Television, FX Productions and Fox21; FX Networks; National Geographic Partners; Fox Networks Group International; Star India; and Fox's interests in Hulu, Sky plc and Tata Sky.

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