Comcast preparing to outbid Disney for Fox
May 23, 2018
Comcast, the US pay-TV giant, has confirmed it is preparing to top Disney’s $52 billion (€44.4bn) offer for 21st Century Fox.
Comcast, which is also currently floating a separate bid to take control of Sky, said in a statement: “Comcast Corporation confirms that it is considering, and is in advanced stages of preparing, an offer for the businesses that Fox has agreed to sell to Disney (which do not include the Fox News Channel, Fox Business Network, Fox Broadcasting Company and certain other assets). Any offer for Fox would be all-cash and at a premium to the value of the current all-share offer from Disney. The structure and terms of any offer by Comcast, including with respect to both the spin-off of “New Fox” and the regulatory risk provisions and the related termination fee, would be at least as favorable to Fox shareholders as the Disney offer.”
Comcast added that while no final decision has been made, at this point the work to finance the all-cash offer and make the key regulatory filings is well advanced.
Comcast made a $60 billion bid for Fox last year, but it was rejected by Rupert Murdoch.