Fox Schedules Meeting to Vote on Disney's Offer for July
Disney may actually be acquiring Fox in the not too distant future. It has outbid Comcast and received approval from the Department of Justice as long as Disney agrees to sell off Fox’s sports stuff. Disney has agreed to those terms. Comcast still has time to put together a counteroffer, but things are not looking good for them.
Reuters reports that the Fox board is recommending that its shareholders vote in favor of Disney’s offer and has set July 27 as voting day. It sounds like Fox may prefer Disney over Comcast, even if Comcast bids more. However, TCI Fund Management holds a lot of shares of Fox and they are reportedly more interested in earning as much money as possible from this deal. Unless Comcast can really sweeten the deal, I think they’ve lost to the Mouse.