Disney tops Comcast with $71.3 billion deal for Fox

The 21st Century Fox logo is displayed outside the News Corporation building in the Manhattan borough of New York City New York

Just a few minutes before Iger and other Disney brass got on the phone this morning, they announced a new bid for Fox that is almost 10% above the one submitted last week by Comcast.

Directors can either begin that process by declaring on Wednesday that Comcast's proposal has a reasonable chance of becoming a superior offer, or they can simply ask Disney for a waiver to begin conversations with Comcast.

The tussle follows AT&T Inc.'s victory over the U.S. Justice Department in its antitrust battle to take over Time Warner Inc.

Disney had made a $52.5 billion all-stock offer in December. The meeting is likely to result in Fox kicking off a process to formally evaluate Comcast's bid, the people said, asking not to be identified as the matter is private. "Direct-to-consumer distribution has become an even more compelling proposition in the six months since we announced the deal".

If you're anxious about not being able to see the X-Men team up with the Avengers, an analyst from B. Riley recently discussed the probability of Disney obtaining the rights to the Marvel characters even if Comcast winds up purchasing 21st Century Fox.

Prince Harry, Meghan join queen at Royal Ascot
He also said the sixth in line to the throne appeared "open" to the idea of Brexit when they had a "loose" talk about it. Asked about what he thought about Meghan's mother attending the wedding, he said, "My ex-wife is a handsome woman".

Fox's board said it still has the right to weigh competing offers, signaling that the bidding war for its assets could continue. GBH Insights analyst Dan Ives said he thinks the "line in the sand" is $75 billion to $80 billion.

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 global businesses.

Murdoch will keep a few properties, including Fox News, the Fox Sports national cable channels and the Fox broadcasting network. "We remain convinced that the combination of 21CF's iconic assets, brands and franchises with Disney's will create one of the greatest, most innovative companies in the world", he said in a statement.

"The acquisition of 21st Century Fox will bring significant financial value to the shareholders of both companies", said Disney boss Robert Iger. In morning trading, shares of Twenty-First Century Fox rallied 6 percent to $47.47. Shares of Disney rose 29 cents to $106.47 and Comcast shares rose 22 cents to $33.03 Dollars. Disney is the parent company of 6abc.

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