Comcast ready to top Disney's Fox offer

Comcast

As many in the media business and on Wall Street had been predicting since word surfaced two weeks ago of Comcast meeting with bankers to line up financing, the NBCUniversal owner and No. 1 USA cable distributor said a rival bid is in the "advanced stages".

But much has to happen before this can become reality: A federal judge in Washington has to rule on the AT&T/Time Warner merger, the Fox board would have to embrace Comcast's higher cash offer, Disney would have to throw in the towel on a Fox deal, and Fox shareholders would have to OK the Comcast deal in a vote. Murdoch, who with his family controls 21st Century Fox, agreed to the tie-up that would give Disney the famed Fox studios in Hollywood along with Fox's worldwide TV operations and United States cable entertainment and regional sports channels.

Comcast investors gave a tepid reaction to the idea.

The deal between Fox and Disney would have the latter company acquire Fox's movie and TV production company, and popular channel Star India, as well as a 39-percent stake in European broadcaster Sky. The company used stock rather than cash for its bid.

Fox had no immediate comment on the Comcast statement.

The assets set to be purchased include everything under 21st Century Fox, sans the Fox broadcast network, Fox News, and local TV stations.

Comcast CEO Brian Roberts met personally with Rupert Murdoch in NY on the deal in late 2017 but was rejected for Disney.

Audrey Chong, chief investment officer, Magna Malaysia said in the race for content acquisition, Fox will be a strong add-on to the breadth of content offered by both parties.

Comcast Corp confirmed for the first time on Wednesday it was preparing a higher, all-cash offer for the businesses that Twenty-First Century Fox has agreed to sell to Walt Disney Co.

Joseph added that Comcast's offer is expected to be at a financial premium to Disney's, and as such "Fox is in a good position either ways".

In a press release published today, Comcast announced that they are in the "advanced stages" of preparing an offer for the media company.

Comcast further claims their offer would be "at least as favorable" to Fox's shareholders as Disney's offer.

A regulatory filing in April showed Comcast offered to acquire most of Fox's assets in an all-stock deal valued at $34.41 per share, or $64 billion last November - just before Disney's offer was agreed. "If that goes through it is highly possible there will more than one bid for Fox".

The Disney offer stands at approximately US$52.4 billion. The Murdoch family owns a 17-percent stake in the U.S. TV and movie giant and would face a multi-billion dollar capital gains tax bill if he accepted an all-cash offer from Comcast, tax experts have told Reuters.

Related News:



Most liked

Trump ponders new tariffs on foreign vehicles
Trump is making the announcement as negotiations with Canada and Mexico over the North American Free Trade Agreement have stalled. Not a one-way road: The US auto industry exported almost 2 million vehicles worldwide worth $US57 billion.

Iran says can not 'interact' with US
On May 21, US Secretary of State Michael Pompeo laid out Washington's 12 demands for a new nuclear deal with Iran. He warned Iran would face " the strongest sanctions in history " if it did not agree to make changes.

North Korea to make a show of nuclear test site shutdown
Trump said he'd noticed "a little change" in Kim's attitude after the trip. "The hawks on both sides can say 'I told you so'". Asked whether Trump was willing to abandon the summit if his terms aren't met, Pence said "there's no question".

Thousands converge on Manchester for Arena attack remembrance event
Bells will ring out across the city center at 10:31 p.m.to mark the exact moment of the explosion past year . They included Don't Look Back in Anger by Oasis , One Day Like This by Elbow and Never Forget by Take That.

IPL 2018, CSK vs SRH: Faf du Plessis showed why experience counts
Yesterday, I was just reflecting on my past games, and took some confidence from that mentally. "I am always happy when we win". With Kumar and Kaul bowling in tandem, du Plessis was once again just an onlooker as Dhoni tried to fend away their overs.

Britain's M&S sees profit fall for second straight year
Profit before tax and adjusting items was down 5.4 per cent to £580.9 million from £613.8 million the year before. The latest wave of closures will affect M&S clothing and home stores , which have underperformed for years.

Guatemala opens Israeli embassy in Jerusalem after USA move
During the war surrounding Israel's creation in 1948, more than 700,000 Palestinians fled or were expelled from their homes. HAMAS said 50 of the people killed by Israeli forces on the Gaza border this week were its fighters.

PayPal is buying payments start-up iZettle for $2.2 billion ahead of IPO
Both PayPal and Square are vying to help mostly small- and medium-sized retailers process sales that aren't paid with cash. The company has a presence in 11 countries and offers other services for small businesses such as lending.

Trump Rescues Summit With Appeasing Words For Kim Jong
Pyongyang warned the United States to call off the exercises or "think twice" about the fate of the Trump-Kim summit. Bolton, who served in the State Department and as United Nations ambassador in the Bush administration, replaced Lt.

Call of Duty: Black Ops 4 Multiplayer Trailer Revealed
A while back it was rumored that Black Ops 4 would lack a campaign but, like any rumor, it should be taken with a grain of salt. The mode will feature a map "100x bigger" than a standard Call of Duty map and utilizes the new manual health regen feature.

'Infinity War' breaks box office record in Vietnam
It's no secret that there are some big developments in Wakanda during the events of Avengers: Infinity War . But that isn't necessarily a bad thing. "Two or three films ago I was like "okay, a couple more".

"Yanny Vs. Laurel" Doctors Weigh In
Hence, they may not have been primed to hear either Yanny or Laurel like English-speakers would have . We were discussing this in the KHQ Newsroom too and it seems like everyone is split.

Meghan Markle's Dad Alert and Out of Surgery
"If it's about my life or my father's, there's something known in this country as freedom of speech". Meghan Markle during a visit to the University of Bath Sports Training Village, April 6, 2018.

Chrissy Teigen and John became the parents of Lengend
And the new arrival is sure to be a welcome addition, after Chrissy recently moaned that she was "so over" being pregnant. Model Chrissy Teigen and singer John Legend arrive at the 88th Academy Awards in Hollywood, Calif., Feb. 28, 2016.

Amazon Alexa developers get eight new voices
More recently, Amazon launched the " Remember This " feature for Alexa, essentially giving the virtual assistant a memory. For example, in an adventure story or game, developers can give distinct voices to different characters.