In a (perhaps not so shocking) turn of events, the Walt Disney Company has reentered its tug-of-war with Comcast over the acquisition of Fox’s film and TV divisions with a new $71.3 billion bid today. This bid is not only $18.9 billion higher than its original bid in December but it has also changed its terms, which had originally offered only stock, to offer a 50/50 split between a cash and stock payout. Importantly, this also is $6.3 billion more than Comcast’s all-cash offer earlier this month . This new bid puts Disney back on firm footing in its battle to acquire Fox’s film and television assets, including Twentieth Century Fox, Fox Searchlight Pictures, FX Productions, National Geographic Partners and a majority stake in Hulu. But, if we’ve learned anything from these updates, it’s that nothing should be set in stone just yet. In case you’re not caught up on the twists and turns of this acquisition, here’s what you missed: In December, Disney bid to buy Fox’s film and television assets — excluding Fox News Channel, Fox Business Network and a few others that will branch off to form the “New Fox” channel — for an all-stock offer of $52.4 billion. According to Disney’s release in December this was a “definitive agreement” between the companies, but that was shaken up this summer by an offer from Comcast. In May, Comcast announced that it was considering a “superior” all-cash bid on the Fox assets and made good on that statement last week with a $65 billion offer. Today, that scale tips once more in Disney’s favor. In response to the news, Rupert Murdoch, executive chairman of 21st Century Fox, told Variety “We remain convinced that the combination of 21CF’s iconic assets, brands and franchises with Disney’s will create one of the greatest, most innovative companies in the world.” However, despite this praise, Fox’s board has stated that it retains the rights to weigh competing bids. So buckle-up, it looks like this ride isn’t over yet.
Jake Bright Contributor Jake Bright is a writer and author in New York City. He is co-author of The Next Africa . More posts by this contributor Liquid Telecom goes long on Africa’s startups as future clients African experiments with drone technologies could leapfrog decades of infrastructure neglect Polestar debuted its first production EV and previewed its electric car line in New York with the CEO squarely taking aim at Tesla. The Volvo subsidiary pulled the cover off its Polestar 1, which it positioned less as a hybrid and more as a fully electric (gas optional) car to attract fence sitters to EVs. The $155,000 auto—that will hit streets in 2019—has 3 electrical motors powered by twin 34kWh battery packs and a turbo and supercharged gas V4 up front (more details here ). All electric range is up to 100 miles—which the company claims gives the Polestar 1 the longest all electric range of any production hybrid. Polestar drivetrain The Polestar 1 brings 600 horsepower and 738 ft-lbs of torque. It is the first in a series, with an all electric Polestar 2 to debut in 2019 and a Polestar 3 SUV after that. “Polestar 2 will be a direct competitor to the Tesla Model 3…” CEO Thomas Ingenlath said on the launch stage. He told TechCrunch the company will focus more on creating converts to EVs than pulling away Tesla’s existing market share. Thomas Ingenlath, chief executive officer, Polestar One advantage Ingenlath described was using Polestar 1 as a gateway car for getting laggards to go all electric. “There are many people out there who still think a car has to have a combustion engine,” he said. “Polestar 1 is an extremely good vehicle to get people across that line and once they drive it…understand what an amazing experience an electric car is.” Polestar converts shouldn’t get too attached to that gasoline/voltage combo, however. Polestar 1 will be the company’s first and last electric and gas vehicle, according to Ingenlath.