Participants in Allen & Co.’s annual Sun Valley Resort conference were focused Wednesday on prospects for big media merger deals -- especially the future of the 21st Century Fox entertainment assets.
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The invitation-only gathering of billionaires and leaders of tech and media companies in Idaho allowed elites to discuss -- face to face -- the ongoing fight between Comcast and Disney for Fox entertainment assets. Attendees also were focused on a possible merger of Viacom and CBS.
Early Wednesday the clash between Comcast and Disney gained fresh attention when British pay-TV group Sky said it accepted a sharply increased offer from 21st Century Fox to acquire the pan-European company, according to the Financial Times.
Fox's new offer, which is an all-cash offer, for the 61% of Sky it doesn't already own is approximately $32.5 billion, a 30% increase over its previous offer, which was made in December 2016.
Fox agreed on June 20 to sell most of its assets -- including its current 39% stake in Sky -- to the Walt Disney Company.
If Fox buys the remaining stake in Sky prior to closing the Disney deal, Disney would take full-ownership of the British company upon completion of the larger transaction.
21st Century Fox is the parent company of Fox News and FOX Business.