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21st Century Fox Sets Vote On Asset Sale to Disney

Despite a potential bid from Comcast, 21st Century Fox said it has set a special meeting for July 10 for stockholders to vote on its proposed sale of assets to the Walt Disney Co.

The deal would sell Fox’s TV and movie studios plus cable network assets including FX and National Geographic Channel to Disney for about $52.4 billion in Disney stock.

In its announcement Fox notes that it is aware of Comcast’s announcement that it is preparing a bigger offer for those assets and said it might postpone or adjourn the special meetings advice it that shareholders need additional material to consider.

Comcast had proposed a deal to Fox that was worth 17% more than the Disney offer, but Fox chairman Rupert Murdoch and the other Fox directors preferred Disney’s stock to Comcast’s

The new Comcast bid would be all cash. Disney is reportedly talking to banks about financing an all-cash deal should Fox require that.

The remaining assets of 21st Century Fox would form what is being called New Fox, and include Fox Broadcasting, Fox News and be focused on live programming including sports.