Comcast bids $65B for Fox assets, setting the stage for a fight with Disney – TechCrunch
Comcast made good on its plans to make a proposal for 21st Century Fox’s movie and TV belongings right now, with a money bid of $65 billion, or $35 per share.
That’s 19 p.c greater than the $52.four billion that Disney agreed to pay in December.
This follows yesterday’s U.S. court docket approval of the merger of AT&T and Time Warner, which was extensively anticipated to guide Comcast to make a brand new bid for Fox and, int he long run, to set the stage for broader consolidation between ISPs and media firms. (That is the place I remind you that TechCrunch is owned by Oath, a digital media subsidiary of Verizon.)
In a letter to Fox executives (specifically Rupert, James and Lachlan Murdoch), Comcast CEO Brian Roberts wrote that after conferences final yr, his staff was satisfied that Comcast can be “the precise strategic residence” for the Fox belongings, and that “we dissatisfied when 21CF determined to enter right into a transaction with The Walt Disney Firm, despite the fact that we had supplied a meaningfully increased value.”
“In mild of yesterday’s resolution within the AT&T/Time Warner case, the restricted time previous to your shareholders’ assembly, and our sturdy continued curiosity, we’re happy to current a brand new, all-cash proposal that totally addresses the Board’s said considerations with our prior proposal,” Roberts stated.
This might set off a battle between Comcast and Disney . The belongings at stake embody the Fox movie studio (which owns the Avatar franchise, the movie rights to the X-Males and Implausible 4 and the unique Star Wars), its TV studio, its cable networks and its stake in Hulu.
Within the letter, Roberts additionally stated a Comcast-Fox acquisition is “as or extra more likely to obtain regulatory approval than the Disney transaction” and that Comcast would reimburse Fox for the $1.5 billion breakup payment with Disney.
Supply hyperlink – https://techcrunch.com/2018/06/13/comcast-bids-65b-for-fox/