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.
Darden, the parent company of chain restaurants like Olive Garden and Ruth's Chris Steakhouse, beat Wall Street estimates in its latest earnings report.
A former Facebook executive pled guilty to stealing more than $4 million from the company while she was employed there.
Rising safety concerns over water bead products marketed to kids have prompted major retailers like Amazon, Target and Walmart to pull some toys off their shelves.
The Congressional Budget Office said Friday it expects inflation to nearly hit the Federal Reserve's 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years.
Intel is out with a new product to challenge other big players in the space like Nvidia and AMD.
Stocks fell after the opening bell Friday but will end on another positive week.
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Americans picked up their spending from October to November as the unofficial holiday season kicked off, underscoring that shoppers still have power to keep buying.
The average long-term U.S. mortgage rate dropped below 7% to its lowest level since early August, another boost for prospective homebuyers who have largely been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale.
Mortgage rates have dropped below 7% for the first time since the middle of August.
