Jun 20, 2018

Bidding war: Disney increases Fox bid to fend off Comcast

Disney CEO Robert Iger. Photo: Chip Somodevilla/Getty Images

The Walt Disney Company announced Wednesday a new $38-per-share acquisition bid for 21st Century Fox, giving Fox shareholders the option to select cash or stock in the combined entity.

Why it matters: Disney was forced to increase its bid for Fox's entertainment properties after Comcast unveiled a higher bid for the same properties last week at $65 billion, which was significantly higher than Disney's original $52.4 billion offer.

By the numbers: Under the new offer, Disney is expected to pay approximately $35.7 billion in cash, according to a company statement. Disney would also assume about $13.8 billion of the net debt of 21st Century Fox.

The bigger picture: The bidding war between Comcast and Disney was expected to kick off after a judge last week ruled that AT&T's $85 billion purchase of Time Warner could proceed, over the government's antitrust objections.

Go deeper: The battle for Fox between Comcast and Disney.

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In photos: How coronavirus is impacting cities around the world

Revellers take part in the "Plague Doctors Procession" in Venice on Tuesday night during the usual period of the Carnival festivities, most of which have been cancelled following the coronavirus outbreak in northern Italy. Photo: Andrea Pattaro/AFP via Getty Images

The novel coronavirus has spread from China to infect people in more than 40 countries and territories around the world, killing over 2,700 people.

The big picture: Most of the 80,000 COVID-19 infections have occurred in mainland China. But cases are starting to surge elsewhere. By Wednesday morning, the worst affected countries outside China were South Korea (1,146), where a U.S. soldier tested positive to the virus, Italy (332), Japan (170), Iran (95) and Singapore (91). Just Tuesday, new cases were confirmed in Switzerland, Croatia and Algeria.

See photosArrow2 hours ago - World

Debate night: Candidates' last face-off before Super Tuesday

Sanders, Biden, Klobuchar and Steyer in South Carolina on Feb. 25. Photo: Jim Watson/AFP via Getty Images

Sen. Bernie Sanders wanted to keep his momentum after winning contests in New Hampshire and Nevada, while former Vice President Joe Biden hoped to keep his own campaign alive. The other five candidates were just trying to hang on.

What's happening: Seven contenders for the Democratic presidential nomination were in Charleston, South Carolina, for the tenth debate, just days before the South Carolina primary and a week before Super Tuesday. They spoke, sometimes over each other, about health care, Russian interference in the election, foreign policy the economy, gun control, marijuana, education, and race.

Go deeperArrowUpdated 5 hours ago - Politics & Policy

4 takeaways from the South Carolina debate

Former Vice President Joe Biden, right, makes a point during Tuesday's Democratic presidential debate, while Vermont Sen. Bernie Sanders listens. Photo: Win McNamee/Getty Images

The 10th Democratic debate was billed as the most consequential of the primary thus far, but Tuesday night's high-stakes affair was at times awkward and unfocused as moderators struggled to rein in candidates desperate to make one last splash before Saturday's primary in South Carolina and Super Tuesday.

The big picture: After cementing himself as the Democratic favorite with a sweeping win in Nevada, Sen. Bernie Sanders came under fire as the front-runner for the first time on the debate stage. Former New York Mayor Michael Bloomberg, who will be on the ballot for the first time next Tuesday, was a progressive foil once again, but he appeared more prepared after taking a drubbing at the Nevada debate.