Comcast Makes $65 Billion All-Cash Bid for Fox, Tops Disney's Offer

Comcast Makes $65 Billion All-Cash Bid for Fox, Tops Disney's Offer

The announcement comes just a day after a federal judge approved a similar deal, AT&T's $85 billion merger with Time Warner, over the Trump administration's efforts to block it.

The battle for 21st Century Fox is on.

Still on the cards is Comcast's £22bn offer for the rest of Sky that Fox doesn't already own from April, following on from a takeover bid by Fox at £10.75 a share in 2016. The younger firms produce content, sell it online directly to consumers and often offer lucrative targeted advertising. Those will be spun off into a newly-listed company. The deal would not include Fox News. Disney wouldn't face the same issues because it isn't a television distributor as the way Comcast and AT&T are.

Comcast's latest overture - the second it's made in the months since Disney first struck its initial agreement with Fox late past year - follows a court ruling earlier this week that cleared a path for another giant media merger between AT&T and Time Warner. The $35 per share offer represents a 19% premium on Disney's $52.4 billion all-stock offer for the same assets. Reuters reported last November that both Comcast and Verizon Communications Inc had expressed interest in buying Fox's assets.

"We have reviewed the publicly available terms of the proposed Disney transaction, as well as the joint proxy statement/prospectus filed with the SEC describing the reasons for the Fox board of directors' decision", Roberts wrote.

The Justice Department argued that the merger between AT&T and Time Warner would introduce unfair advantages in the marketplace.

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Any wave of deal making risks going out of control.

The deal, almost two years in the making, netted a massive and potentially legacy-sealing win for AT&T chief executive Randall Stephenson.

"Any deal that's coming down the pike that's not baked yet knows the government's playbook".

Bergmayer said the deal raises "significant antitrust and regulatory concerns" and added that "further consolidation is the last thing consumers need". "They can learn how to structure a deal to make it more palatable". But if Disney gets Fox, the combined movie studios would account for 45 percent of worldwide box office revenue, according to BTIG analyst Richard Greenfield. Here's what Comcast's CEO Brian Roberts had to say in a letter to Fox's board and the Murdoch family. The company doesn't shy away from calling its offer "superior" to Disney's, pointing out that it is putting forward straight cash versus Disney's own all-stock offer.

It looks Comcast is determined to not let Disney have things their way with recent plans for their acquisition of Fox.