What somewhat began simply as the proposed acquisition of 21st Century Fox by The Walt Disney Company rapidly escalated into an all-out bidding war between the Mouse House and Comcast for the rights to intellectual properties owned by the Rupert Murdoch-founded multinational mass media corporation.
Last week, Comcast tabled a $65 billion all-cash tender – dependent on the AT&T-Time Warner anti-trust case ruling, of course – and sure enough, in the wake of Judge Richard Leon clearing the $85 billion proffer, which effectively allowed AT&T to absorb Time Warner, Comcast unveiled its proposal for the rights to intellectual properties owned by 21st Century Fox, including Deadpool, the Fantastic Four and the X-Men.
When it appeared that Comcast had Disney on the ropes, the MCU fandom wasn’t too pleased, as you can probably imagine. However, those in favor of a Guardians of the Galaxy and Deadpool crossover collectively breathed a sigh of relief when the Mouse House subsequently tabled a new $71.3 billion bid, which was quickly green-lit by the Department of Justice.
Having reportedly accepted the Disney proposal, 21st Century Fox has now set July 27th as the date stockholders will vote on the proposed buyout, according to Deadline. Obviously, the Fox board is urging them to vote in favor of the enhanced deal, but TCI Fund Management, a major investor, is pleading with Murdoch to grant Comcast more time to counter-offer.
From what we understand, Comcast is supposedly “scrambling” to secure funding in hopes of outstripping Disney’s offer. Nonetheless, Lachlan and James Murdoch, Rupert’s sons and Executive Chairman and CEO, respectively, have stated that they anticipate the deal will close in six to twelve months.
As always, keep it locked on We Got This Covered for further developments.
