(Bloomberg) -- Walt Disney Co.’s $71 billion offer for most of the assets of 21st Century Fox Inc. should be approved by shareholders, according to proxy adviser Glass Lewis & Co., boosting the company’s prospects for completing the deal.
The cash-and-stock deal gives Fox investors “a unique, prospectively far-reaching opportunity” to own part of a larger entertainment company that’s better positioned to compete in a crowded industry upended by new digital players like Netflix Inc.
The report will strengthen Disney’s effort to gain shareholder approval at a July 27 investor vote. Disney is vying with Comcast Corp. for prime assets of Fox and recently increased its bid for the parent of the 20th Century Fox film and TV studios by about $10 a share to $38. Some Fox businesses, like Fox News Channel, will be spun off into a new company. And Disney plans to sell 22 regional sports networks to address regulatory concerns.
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