Davis Polk Advises Comcast on Its Superior Proposal to Acquire Twenty-First Century Fox

Davis Polk is advising Comcast Corporation on its superior proposal to acquire the businesses that Twenty-First Century Fox, Inc. has agreed to sell to The Walt Disney Company for $35.00 per share in cash. The superior proposal represents a premium of approximately 19% to the value of Disney’s all-stock offer as of 12:00 p.m., noon (Eastern Time) on June 13, 2018.

Comcast Corporation is a global media and technology company with two primary businesses Comcast Cable and NBCUniversal. Comcast is headquartered in Philadelphia, Pennsylvania, and listed on NASDAQ. Twenty-First Century Fox is one of the world’s leading portfolios of cable, broadcast, film, pay TV and satellite assets spanning six continents across the globe.

The Davis Polk corporate team includes Managing Partner Thomas J. Reid, partners William H. Aaronson and Brian Wolfe and associates Evan Rosen and Sarah M. Weissman. Partner Neil Barr and associate Patrick E. Sigmon are providing tax advice. Partner Jason Kyrwood and counsel Hilary Dengel are providing credit advice. Partner Arthur J. Burke is providing antitrust and competition advice. Partner Will Pearce is providing English law advice. Members of the Davis Polk team are based in the New York and London offices.