The Walt Disney Company’s $85 Billion Acquisition of Twenty‑First Century Fox, Inc.

On June 20, 2018, The Walt Disney Company (“Disney”) announced that it signed an amended acquisition agreement with Twenty-First Century Fox, Inc. (“21st Century Fox”) under which Disney will acquire 21st Century Fox for $85 billion, rebuffing an interloper bid by Comcast to its original $66 billion agreement. The pending acquisition includes the Twentieth Century Fox Film and Television studios, along with its cable and international TV businesses. Immediately prior to the acquisition, 21st Century Fox will separate the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, FS1, FS2 and Big Ten Network into a newly listed company that will be spun off to its shareholders. Cravath is representing Disney in connection with the transaction.

This development follows the announcement that the companies entered into a definitive agreement for Disney to acquire 21st Century Fox on December 14, 2017. Please click here to read the Firm’s previous news item related to this announcement.

The Cravath team is led by partners Faiza J. Saeed and George F. Schoen and includes associates Daniel J. Cerqueira, Jin-Kyu Baek, Samantha J. Ostrom and Julia H. Rhieu on M&A matters; partners Stephen L. Gordon and Lauren Angelilli, senior attorney Andrew Carlon and associates Peter W. Rogers, Ashley N. Elnicki and Rebecca L. Fine on tax matters; partners Jonathan J. Katz and Eric W. Hilfers and associate Daniel P. Herrmann on executive compensation and benefits matters; partner Michael S. Goldman, senior attorney Christopher J. Kelly and associate Stephanie L. Rowan on banking matters; and partner Nicholas A. Dorsey and associates Virginie Marier and Alexander E. Shiekman on securities matters. Summer associates Samantha N. Bollers and Courtney T. Seager worked on M&A matters, summer associate Aryan Zahraii worked on banking matters and summer associate William N. Hall worked on securities matters.