As bidding for 21st Century Fox’s assets has climbed, the room for error in managing and extracting value from them is shrinking. Disney’s latest offer of $71.3 billion in cash and stock is a 36% premium to its original offer of $52.4 billion. The price may go higher still if Comcast comes back with an offer in the $90 billion range.
Is the cost worth it, even for such scarce assets?
The...