The Walt Disney Company amended an agreement to acquire 21st Century Fox, upping its bid to $38 per share and adding value to the new bid worth $71.3 billion in cash and stock, according to a statement released by Disney on Wednesday.
The new agreement comes after Comcast made a play to buy 21st Century Fox on June 13 and outbid Disney, offering $65 billion all cash offer. (RELATED: Comcast Wages Bidding War Against Disney To Acquire 21st Century Fox)
Disney had originally signed a contract to buy 21st Century Fox in December in an all stock offer worth $52.4 billion but the new agreement adds cash to the offer because of Fox’s growing stock worth and Comcast’s increased offer.
The board of directors at 21st Century Fox, including CEO Rupert Murdoch’s son James Murdoch, met Wednesday to weigh the two offers between Comcast and Disney in a play to acquire the entertainment assets of 21st Century Fox including Fox’s movie and sports content, National Geographic, Sky in Europe and Star in India.
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