Thursday, 24 May, 2018

Comcast Planning $60B Bid for Fox Assets

The NBC and Comcast logo are displayed on top of 30 Rockefeller Plaza formerly known as the GE building in midtown Manhattan in New York Comcast offers $31B bid for Sky, vying with Disney and Fox
Jodi Jackson | 09 May, 2018, 00:56

Shares of Twenty First Century Fox rose nearly three percent on Tuesday after Reuters reported that cable operator Comcast Corp was preparing an all-cash bid to rival a deal agreed late previous year with Walt Disney's Co. It's waiting for a federal judge to issue a ruling next month in the Justice Department's challenge to the AT&T-Time Warner merger before making its move, the news organization reports. Now, as again per Reuters, Comcast CEO Brian Roberts is meeting with investment banks in order to "increase the bridge facility" they have already established for acquiring majority ownership of Sky. That opened the door to Comcast's counteroffer.

Disney and Fox last month laid out the rationale and backstory of the deal in a Securities and Exchange Commission filing, which included details of Fox's discussions with Comcast prior to setting the Disney agreement on December 14.

For one, Bibb believes that Fox's biggest shareholder, Rupert Murdoch, would prefer the lack of tax complications that go with an all-stock deal.

If Comcast struck a deal with Fox, the telecomm giant would hit a media jackpot, acquiring Fox's film, television and worldwide businesses, giving the company a hefty portfolio to rival rising platforms like Netflix. The Fox deal includes access to markets in Europe and Asia that both Disney and Comcast covet, not to mention blockbuster franchises including X-Men, Avatar, Fantastic Four, Deadpool, and The Simpsons.

Shares in Sky were down 1.5% at 1,352p in mid-morning trading. Fox already owns 39 percent of Sky, which would transfer to Disney under the deal, and many analysts saw Comcast's bid as a means of undercutting Disney. 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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