theweekinreview
FOX AGREES TO A $71 BN OFFER FROM DISNEY IN BLOW TO COMCAST
Walt Disney Co. raised its offer for 21st Century Fox Inc.’s entertainment assets to $71.3 billion, outbidding Comcast in a battle for one of the media industry’s biggest prizes.
The $38-a-share price is about $10 a share higher than what Disney proposed in December — and $3 above Comcast’s bid from last week. Fox has accepted the offer, saying it provides more flexibility and other enhancements than the $65 billion Comcast deal. Still, the opportunity remains for the cable giant to return with sweetened terms.
At stake is a trove of media properties, ranging from “The Simpsons” to “X-Men,” that may help fend off the threat from Netflix Inc. and other streaming upstarts.
Both Disney and Comcast are looking to use the Fox assets to bolster their content and expand overseas.
THERE WILL BE NO LET-UP IN INDIA INVESTMENTS: UBER
Uber Technologies Inc. will continue to invest heavily in India, the ride-hailing company’s most important market outside the US, for an indefinite period rather than focus on cutting the company’s massive losses in the world’s fastest-growing major economy.
“The market opportunity is so significant that we’re not focused right now on how can we get this business to profitability,” chief operating officer (COO) Barney Harford said in an interview at the company’s headquarters in San Francisco. “We have an indefinite investment horizon in India.”
PATANJALI GETS U.P. GOVT NOD TO SUBLEASE LAND FOR FOOD PARK
The Uttar Pradesh Cabinet on Tuesday gave its nod to Patanjali Ayurved Ltd to transfer its land to its subsidiary company in Greater Noida for setting up a ~6,000 crore mega food park.
The subleasing is to be done by Patanjali’s special purpose vehicle (SPV) Patanjali Food and Herbal Park Noida Pvt. Ltd.
Addressing the media, UP ministers SidharthN at hS ing hand Satish Mahana said, “The cabinet has decided to add the name of Patanjali Food and Herbal Park Noida Pvt. Ltd to the 455 acre land allotted to Patanjali.”
SWIGGY ENTERS THE UNICORN CLUB WITH $210 MILLION FUNDING
Swiggy raised $210 million from a group of investors, catapulting India’s largest food delivery service provider into a select club of startup unicorns with a valuation of $1 billion or more.
The latest funding, led by Naspers and billionaire Yuri Milner’s DST Global, values Swiggy at roughly $1.3 billion, surpassing rival Zomato’s $1.1 billion valuation based on a February fundraising round.