Comcast offers $65 bn for Fox assets, topping Disney offer

AT&T-Time Warner Merger Gets The Green Light From Federal Court

An entrance to Fox Studios is shown in Los Angeles, California, June 13, 2018.

Comcast Corp offered $65 billion on Wednesday to lure Twenty-First Century Fox Inc away from a merger with Walt Disney Co, launching the first salvo with its 20 percent higher offer and setting up a bidding war between two of the largest US media companies.

Via The New York Times, Comcast's all-cash bid signals the cable giant's seriousness about outgunning The Walt Disney Company for exclusive rights to Fox-owned studios and entertainment properties like Fantastic Four, X-Men and The Simpsons.

The victor of the Comcast-Disney showdown would get Fox's movie studio, which is responsible for franchises like "Avatar" and "X-Men", along with Fox's regional sports networks and cable channels like FX and National Geographic.

Both Burke and Roberts said it would be a high priority to get Comcast's sizable debt load down after the Fox deal closes.

We have long admired what the Murdoch family has built at Twenty-First Century Fox.

Comcast, which is the largest USA cable TV provider, said its offer totals at around $65bn.

Fox Executive Chairman Lachlan Murdoch told Wall Street that the company remains "committed" to the Disney sale - indeed Fox and Disney shareholders are set to vote on the proposal on July 10.

AT&T's $85 billion purchase of Time Warner won approval Tuesday from U.S. District Court Judge Richard Leon. "Barring a third entrant (Internet/tech is possible), we would see the most sensible outcome as splitting the baby, with Comcast getting Sky (which we see as its main goal) and Disney getting most of the rest".

"We firmly believe that NBCUniversal would be the ideal home for the Fox assets", Burke said.

The deal became possible when Rupert Murdoch, 87, and his sons made a decision to slim down the media empire, leaving them with a "New Fox" that includes the Fox News Channel, the Fox broadcast network and sports cable operations.

"Once technically driven volatility wears off we expect the stock to move higher as closure will likely provide a new investor catalyst including about $1.5 billion in anticipated cost synergies", Williams said. But hey, if Comcast does wind up with Fox, you can just change your dreams and begin contemplating a world where Alien vs. Predator vs.

Regulators in this country also have cleared Comcast's $30.7bn offer for the 61% of Sky that Mr Murdoch does not own. But it will be more hard to insist on that sort of thing considering AT&T's very similar deal came with no strings attached.

The growth of streaming and shrinking footprint of cable TV has created an atmosphere of companies loading up on media to do battle with Netflix and the rest of the internet.

Comcast also offered a $2.5 billion reverse termination fee if the deal did not go through, the same as Disney.

Update: Fox sent out a statement confirming that it has received the bid.

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