Disney and Fox on Wednesday announced they'd reached a new merger deal, after the media giant raised its offer for the assets of 21st Century Fox by about 35 percent.
Disney will now pay $38 a share in cash or stock, compared to the original all-stock offer of $28. That values the assets at $71.3 billion.
In a statement Fox called the deal "superior" to the $65 billion all-cash bid made by Comcast last week.
But not everyone thinks Disney would benefit from an acquisition. Research firm Pivotal cut its rating on the stock from "hold" to "sell" earlier this week, saying the company finds itself in a lose-lose situation. If it raises its bid and wins the battle, that ultimately reduces the value it gets out of any deal. At the same time, if it loses its bid, it won't benefit from the synergies it was hoping to achieve.
The two suitors are vying for properties that include Fox's TV and film studios, with rights to franchises like *X-Men*, *Avatar*, and *Simpsons*; its stake in Hulu; stakes in international outlets like India's Star TV and the UK's Sky; and cable channels including FX and National Geographic.
Fox's board of directors are scheduled to consider Comcast's offer at a meeting on Wednesday. The company postponed those discussions to give shareholders a chance to examine the new deal.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
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