Move over Comcast – Disney has worked it’s magic again. As tech giants (think Netflix, Apple, and Facebook) loom over the future, conventional media companies must keep pace to stay in the game which led to both Comcast and Disney vying for 21st Century Fox. Round three (after Comcast put an all-cash deal the table to top Disney’s initial offer) led to Disney Chief Executive Bob Iger presenting the winning bid of a whopping $71.3 billion for most of 21st Century Fox’s assets. Reports indicate the Murdoch family plans to retain some of its assets including the Fox News Channel, Fox Business Network, the Fox broadcast network, Fox Sports 1 and 2, and the company’s chain of TV stations. The Disney offer reportedly also includes a debt buyout.
According to Los Angeles Times writers Meg James, Stephen Battaglio, and Ryan Faughnder:
With the Fox assets, Disney could double the size of its TV and movie production so that it will have an arsenal of programming to compete against Netflix, which is spending $8 billion this year on content. Disney has its own plans to offer streaming services to take on Netflix — and would benefit from Fox’s deep library of content.
Bob Iger reportedly extended his initial retirement date in order guide the company through the Fox asset absorption.
For more information visit the LA Times.
Go to RealDealDocs to view legal and contractual documents from Walt Disney Company, Comcast, and 21st Century Fox.