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21st Century Fox Shares Rose on Acquisition News Last Week

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Jun. 18 2018, Published 11:11 a.m. ET

Stock rose 11.7% last week

Shares of 21st Century Fox (FOXA) rose 11.7% in the week that ended on June 15 to close at $44.66. FOXA shares have generated a return of 61% in the trailing 12 months and 18% in the trailing one month after rising almost 25% in 2017. 

FOXA stock is trading 80% above its 52-week low of $24.81 and 1% below its 52-week high of $44.66.

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Comcast intends to acquire FOXA for $65 billion

Last week, AT&T acquired Time Warner (TWX) for $85.4 billion. On June 13, Comcast (CMCSA) made a $65 billion offer to acquire FOXA, higher than the Walt Disney Company’s (DIS) acquisition offer of $52.4 billion.

Comcast is optimistic about acquiring FOXA after AT&T received approval for the Time Warner merger. Comcast has offered an all-cash deal of $35 per share, 19% higher compared to Disney’s all-stock deal of $29.18 per share.

Comcast aims to acquire FOXA’s film and TV units, including National Geographic, FX, and Sky’s international pay-TV services. Comcast has been struggling to attract new users amid competition from online streaming services such as Netflix (NFLX), Amazon Prime (AMZN), and YouTube.

Comcast lost 93,000 video subscribers in the first quarter. The FOXA acquisition is expected to give it international exposure, as it’s looking to expand globally.

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