Published: Thu, July 12, 2018

20th Century Fox Executive Sues To Stop Fox-Disney Merger

20th Century Fox Executive Sues To Stop Fox-Disney Merger

Rupert Murdoch's Inc. boosted its bid for Sky Plc, raising the stakes for Comcast Corp.to retaliate in a battle for control of Britain's top pay-TV company.

The fight for Britain's leading pay-TV group is part of a bigger battle being waged in the entertainment industry as the world's media giants splash out tens of billions of dollars on deals to be able to compete with Netflix (NFLX.O) and Amazon.com (AMZN.O).

Fox is seeking to acquire the remaining 61 percent of Sky, valuing the company at $32.5 billion, and handing it over to Disney.

Fox has been attempting to purchase Sky since December 2016, and has increased its offer by more than 30 percent since then, according to the AP. It's said that the new $38-a-share price is about $10 a share higher than the original offer from Disney back in December, and it's also $3 above Comcast's most recent bid.

Sky shares traded at 14.85 pounds as of 8:14 a.m.in London.

Just when you thought Disney had wrapped things up with its huge $71.3 billion bid for 20th Century Fox, The Hollywood Reporter brings word of another speedbump.


The pursuit for Sky is meanwhile further complicated by a battle between Walt Disney and Comcast for key assets of 21st Century Fox.

Fox said it had secured the agreement of the independent committee of Sky for the deal.

"We have long recognised the unique position that Sky occupies", said Gilbert.

The Department of Justice highlighted that Disney already owned a good chunk of the sports entertainment industry with ESPN, claiming that Fox's added assets would result in anti-competitive domination of the field. Wright's predecessor had previously indicated the deal could go through if Sky was ultimately sold to a third party, like Disney.

"It's too low", Odey, a former son-in-law of Murdoch whose eponymous hedge fund is a Sky shareholder, said of the sweetened Fox offer. The opposition has not completely subsided despite the plan to spin off Sky News.

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