Comcast to make $52.4 billion cash bid for Fox

09 May, 2018, 01:00 | Author: Kathy Ellis
  • Comcast only plans to proceed with the bid if a federal judge allows AT&T's planned $85 billion acquisition of Time Warner¬†to proceed.¬†Matt Rourke  AP

Shares of Twenty-First Century Fox Inc rose as much as 3.4 percent on Tuesday after Reuters reported that cable operator Comcast Corp was preparing an all-cash bid to rival a deal agreed late a year ago with Walt Disney Co.

Citing three unspecified sources "familiar with the matter", the news agency reports that Comcast CEO Brian Roberts sees an opening if US federal courts approve AT&T's $85b acquisition of Time Warner to go forward - a ruling is expected on that matter in June.

Further Comcast is only apparently planning to make the formal offer to Fox if the U.S. Justice Department is defeated in court in its challenge of AT&T Inc.'s separate and unrelated bid to purchase Time Warner.

Via CNBC, Comcast is attempting to secure financing for a $60 billion dollar cash bid for the Fox assets, which could potentially displace Disney's bid. In doing so, it topped an earlier offer for the entirety of Sky by Fox.

Don Blankenship comes out with new racist attack on Mitch McConnell's family
Blankenship's own fiance and a frequent companion on the campaign trail, Farrah Meiling Hobbs, was also born in China. In fact, polls now suggest Blankenship , who doesn't even live in West Virginia , may be tied or leading.

Fox ended up announcing an all-stock deal with Disney for $29.54 per share. Comcast's stock fell 5.5 percent Tuesday to $30.59 in response to the news. Instead, Disney is now planning to acquire Fox's film, television and worldwide businesses.

Comcast may buy 21st Century Fox instead of Disney, but what does this mean - and is either outcome actually good for audiences?

Back in December, Disney said it reached an agreement with Fox to buy the company's film and TV studios, as well as its cable networks and worldwide TV businesses in a stock-based deal. It is not clear how receptive he would be to an all-cash offer.

Comcast also has plans to acquire all of the assets of United Kingdom broadcaster Sky, including its vast array of sports broadcasting deals. The Roberts family controls Comcast through a dual-class stock structure. Fox previously rejected Comcast's $60 billion bid back in November due to similar regulatory concerns. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

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