REPORT: Comcast Readying Cash Bid to Upend Fox-Disney Deal
09 May, 2018, 08:00
The American cable television giant Comcast is preparing a hostile offer for 21st Century Fox's entertainment assets that, if it went ahead, would escalate a bidding war with Walt Disney.
In a move that could topple Disney out of the running, United States cable operator Comcast has reportedly held talks with American banks to secure around $60bn in financing for a hostile bid for 21st Century Fox Inc.'s entertainment and worldwide assets, according to Reuters.
According to a regulatory filing, Comcast offered to acquire Fox's entertainment networks, movie studios, television production and worldwide assets in an all-stock deal valued at $34.41 per share, or $64 billion.
The judge is expected to deliver a decision on the AT&T-Time Warner deal in June, a ruling that determines Comcast's next move.
Hope Corrigan is an Australian freelance writer for IGN.
Comcast, Fox and Disney all declined to comment to Reuters. Fox originally denied Comcast's deal as it would likely mean a lot of legal headaches, more so than the Time Warner/AT&T situation.
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Comcast, which is valued at $147 billion, is the world's largest broadcasting company.
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Last November, it actually offered to acquire most of Fox's assets in an all-stock deal valued at $34.41 per share, or $64 billion. The Murdoch family also favored owning Disney stock over Comcast stock.
"In the wake of Comcast's ~$30bn bid for Sky, investors have focused on the company's leverage, questioning the strategy to lever up for Sky rather than repurchase shares at a lower multiple", wrote Jefferies analyst Scott Goldman in a note to investors this morning. "I can only say, reiterate that we made a deal in December that received unanimous approval, which is important, by the 21st Century Fox board", said Iger.
However, according to The Wall Street Journal, quoting sources close to the company, Comcast is now pulling together financing for a rival cash bid. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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