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Subject: "Comcast bids $65 billion for most of 21st Century Fox (swipe)" Previous topic | Next topic
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30. "Comcast bids $65 billion for most of 21st Century Fox (swipe)"
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http://money.cnn.com/2018/06/13/media/comcast-fox-bid/index.html

Comcast bids $65 billion for most of 21st Century Fox
by Jill Disis
June 13, 2018: 4:47 PM ET

Comcast is going all-in to win 21st Century Fox.
The company on Wednesday formalized a $65 billion all-cash bid for most of Fox. It's a dramatic attempt to thwart Disney, which reached a $52.4 billion deal in December for the same film and TV assets.

Comcast's (CMCSA) move comes one day after a federal judge ruled that AT&T (T) could buy Time Warner (TWX). The Justice Department had sued to stop the deal. (CNN is a unit of Time Warner.)

The offer sets the stage for a high-stakes bidding war between two of the biggest players in media and telecom. Both Comcast and Disney (DIS) are eager to buy Fox as a way to bolster their influence in a changing industry.

Consumers are cutting their cable subscriptions and spending more time with online services like Netflix (NFLX). Purchasing Fox is a way to scale up.

The winner of the Comcast-Disney showdown would get Fox's movie studio, which is responsible for franchises like "Avatar" and "X-Men," along with Fox's regional sports networks and cable channels like FX and National Geographic.

Fox's Rupert Murdoch is keeping a few properties, including Fox News, the Fox Sports national cable channels and the Fox broadcasting network. Those will be spun off into a new company.

"We have long admired what the Murdoch family has built at Twenty-First Century Fox," Comcast CEO Brian Roberts wrote Wednesday in a letter to Fox detailing the proposal.

Comcast was in talks to buy Fox late last year. But it lost out to Disney in part because major Fox investors weren't sure the proposal would win over government regulators. Around the same time, the Justice Department sued to block the AT&T-Time Warner deal.

Both deals share similarities: AT&T and Comcast are distributors trying to buy content creators.

Comcast re-entered the picture last month when it said publicly that it was preparing a bid for Fox.

Roberts is known as a tenacious dealmaker. One of his direct reports, NBCUniversal CEO Steve Burke, told the Los Angeles Times: "Brian never gives up. We have worked on a lot of deals together and he just out-hustles everyone. He's a very persistent guy."

Wednesday's offer is likely a sign that Comcast thinks AT&T's victory might help its chances, and placate the antitrust concerns that Fox had last year.

Roberts wrote in his letter that Comcast is "highly confident" its offer will "obtain all necessary regulatory approvals in a timely manner." He said Comcast's proposal is at least as likely to pass muster with regulators as Disney's.

Now the ball is in Fox's court. The company's board will need to determine whether Comcast's offer is reasonably likely to be better than Disney's. If they do, they will start negotiating with Comcast.

Should the board decide Comcast has the better deal, Disney would have five days to come up with a counter.

  

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21st Century Fox might sell a majority of the company to Disney [View all] , bwood, Mon Nov-06-17 01:53 PM
 
Subject Author Message Date ID
Gotta be an easier way to get the xmen in MCU
Nov 06th 2017
1
To be fair, Fox didn't want to do those either.
Nov 06th 2017
2
Logan wouldn't have. Deadpool probably would have.
Nov 06th 2017
3
I want X-Men and the Fantastic Four in the MCU so bad.....
Nov 08th 2017
9
So this is really about Disney trying to take on NetFlix?
Nov 06th 2017
4
Its all of the above
Nov 08th 2017
5
Don't forget Simpsons. And a lot more.
Nov 08th 2017
6
MLB TV too
Nov 08th 2017
7
piracy sounds better and better every day...
Nov 08th 2017
8
great. more conglomerate capitalism.
Nov 08th 2017
10
Disney Is Back in the Hunt for Parts of 21st Century Fox (swipe)
Dec 03rd 2017
11
Looks like it's gonna happen
Dec 05th 2017
12
Thank you Jeebus, *cues Fox fanfare*
Dec 05th 2017
13
wonder if people will suddenly remember who the xmen are after this
Dec 05th 2017
14
oh of course
Dec 05th 2017
15
Thst would be hilarious tho
Dec 05th 2017
16
      This Marvel team will, finally, do the Fantastic Four justice
Dec 14th 2017
26
Black Panther sequel with Doom tho?
Dec 06th 2017
17
Is it then only a matter of time...
Dec 06th 2017
18
      I agree.
Dec 06th 2017
19
      Media consolidation is a very scary thing.
Dec 06th 2017
20
      Yeah, it's really bad news.
Dec 06th 2017
21
Announcement happening on Thursday
Dec 12th 2017
22
all hail our new disney overlords
Dec 12th 2017
23
Fox had a massive day at the Golden Globes. Now it all could end. (WaPo)
Dec 12th 2017
24
Disney Makes Deal for 21st Century Fox, Reshaping Entertainment Landscap...
Dec 14th 2017
25
Appropriate on the same day as the Net Neutrality vote. n/m
Dec 14th 2017
27
Terrible for the world, but GOOD FOR MARVEL. GALACTUS COMIN
Dec 14th 2017
28
      dat faustian bargain.
Dec 14th 2017
29
Have your humans call my humans!
Jun 13th 2018
31
Disney raises bid for Fox assets to $71.3 billion in cash and stock, top...
Jun 20th 2018
32
Reports that Comcast is raising their counteroffer.....
Jun 20th 2018
33
Disney wins: Comcast drops its bid for 21st Century Fox
Jul 19th 2018
34
hooray marvel
Jul 19th 2018
35
      for fun, they should put 21st Cent. Fox in front of Star Wars movies aga...
Jul 19th 2018
36
Fox and Disney shareholders just apporved the deal
Jul 27th 2018
37
Disney Promises Marvel Will Keep Making R-Rated ‘Deadpool’ Movies
Feb 05th 2019
38

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