Disney Fox Deal Faces Lawsuit From Fox Shareholder

Disney Fox Deal Faces Lawsuit From Fox Shareholder

Comcast Corp (CMCSA.O) on Wednesday raised its all-cash offer for Britain's Sky (SKYB.L) to $34 billion, topping a raised bid of $32.5 billion for the pay-TV group from Rupert Murdoch's Twenty-First Century Fox (FOXA.O).

Comcast's initial offer was considerably higher than the Fox bid that valued the satellite broadcaster at £18.5bn.

Fox has increased its bid by just over 30 percent since its first offer in December 2016.

Fox's bid for Sky is the most recent episode in Murdoch's long-running effort to take full control of the company.

Disney secured conditional US approval to buy the assets last month, giving it an edge over Comcast's bid.

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Comcast believes finding such partners will not only allow it to argue that it can win antitrust approval for the Fox assets as easily as Disney, but will also boost its finances as its prepares to make a second all-cash offer later this month, the sources said.

Murdoch's Fox said the performance of Sky since December 2016, including the renewal of the right to show English Premier League matches at a lower price than expected, justified its higher offer.

Disney now has a $71.3 billion deal in place with Fox to acquire the company's film production businesses, including Twentieth Century Fox, Fox Searchlight Pictures and Fox 2000 Pictures; Fox's television creative units Twentieth Century Fox Television, FX Productions and Fox21; FX Networks; National Geographic Partners; Fox Networks Group International; Star India; and Fox's interests in Hulu, Sky plc and Tata Sky.

Fox, which already owns 39 percent of Sky, said it had secured the agreement of the independent committee of Sky for the deal.

Both Comcast and Disney have indicated that they would divest Fox's 22 regional sports networks in order to gain approval for their respective deals. Those assets include the Fox's Hollywood studios, content library, cable channels, global networks, and a 39-percent stake in Sky. On Tuesday, he said he intends to announce his final decisions by tomorrow July 12.

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