Walt Disney said Wednesday that it has boosted the value of its takeover agreement for large parts of 21st Century Fox to $71.3 billion in cash and stock, following Comcast’s $65 billion all-cash offer from June 13.
The Comcast offer was for the same entertainment assets that Walt Disney had in December agreed to acquire for $52.4 billion in stock.
The new Disney-Fox deal, unveiled by the conglomerates early Wednesday, is worth $38 per share in cash and stock, or $71.3 billion. Disney also will assume about $13.8 billion of Fox's net debt, which would boost the total transaction value to approximately $85.1 billion.
"Under the amended agreement, 21st Century Fox shareholders may elect to receive, for each share of 21st Century Fox common stock, $38 in either cash or shares of Disney common stock," Disney said. "The overall mix of consideration paid to 21st Century Fox shareholders will be approximately 50 percent cash and 50 percent stock."
