Published: Wed, May 09, 2018
Markets | By Josh Butler

Comcast Reportedly Seeks to Buy Fox, Potentially Displace Disney Deal

Comcast Reportedly Seeks to Buy Fox, Potentially Displace Disney Deal

In December a year ago, Walt Disney signed an agreement to buy the film, television and global businesses of Rupert Murdoch's Twenty-First Century Fox in an all-stock deal worth $52.4 billion, as the U.S. entertainment giant seeks scale to fight growing competition from digital rivals. Fox's bid has faced regulatory hurdles in the United Kingdom because of fears that it would give the Murdoch family too much control over British media. Reuters reported that Comcast is lining up financing for a bid, but waiting for a decision to come down in the antitrust trial involving AT&T Inc.'s proposed purchase of Time Warner Inc. If Disney gets into a bidding war with Comcast, then Comcast's bid for all of Sky and Fox could get close to $100 billion, these people said.

Comcast has sought to block Walt Disney Co.'s acquisition of Twenty-First Century Fox Inc. with an all cash-bid, according to Reuters.

Comcast is reportedly arranging $60 billion for an offer for the Fox assets and Sky, the report said.

It looks like Disney's big plan to buy a significant part of Fox's assets is not a sure thing. Should the government prohibit the AT&T-Time Warner deal, Comcast would not bid. In doing so, it topped an earlier offer for the entirety of Sky by Fox.

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This funding could be up to an additional $60 billion USD on top of the $30 billion USD Comcast has already offered for a majority stake in European pay-TV group Sky Plc.

Fox shares rose 5.13 percent to $39.99 on the news in after-hours trading in NY on Monday. The deal was subject to approval from Disney and Fox shareholders, and it also needed to be approved by merger and regulatory reviews, as well as meet other "closing conditions".

Shares of Fox were last up 2.2 percent at $38.86. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.

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