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Comcast bids $65 billion for 21st Century Fox’s assets; challenges Disney’s offer of $52 billion

14-June-2018
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Comcast bids $65 billion for 21st Century Fox’s assets; challenges Disney’s offer of $52 billion

US cable giant Comcast has made a $65bn cash bid for 21st Century Fox's entertainment businesses, picking up a battle with Disney which has offered $52.4 bn in stock, according to media reports.

The offer made by Comcast is reportedly priced at $35 a share, which is 19% higher (as on Wednesday) than the value of Disney’s offer of $28 per year.

The move is likely to trigger an intense battle between Comcast and Disney, as 21st Century Fox weighs which is the better option. Fox’s board of directors is scheduled to vote on the Disney deal on July 10.

This is the second time Comcast has made an offer to buy 21st Century Fox. Last year, 21CF rejected Comcast's offer of $60 billion. Shortly after, Disney stepped in and agreed to buy 21CF for $52.4 billion.

Comcast CEO Brian Roberts has reportedly written a letter to Fox’s board about the proposal.

"Time is of the essence for your consideration of our proposal,” Roberts was quoted my media reports as stating in the letter.

Comcast is also said to have filed a statement with the Securities Exchange Commission in opposition to the Disney/21st Century Fox merger.

On Wednesday evening, Fox reportedly said that “21st Century Fox’s board, in consultation with its outside legal counsel and financial advisors, will carefully review and consider the Comcast proposal.”

It hasn’t yet made a decision on whether it will postpone the July 10th meeting.

Comcast’s bid is reportedly for the movie studio 20th Century Fox, 20th Century Fox Television, Fox-owned cable networks (including FX and National Geographic), several regional sports TV networks, and the company’s stakes in international networks Sky and Star TV. It also includes a 30 per cent stake in the Hulu streaming service.

The Comcast offer came a day after a US district judge approved AT&T’s $85 million bid for Time Warne. The judge rejected the government’s claim that the merger would be anti-competitive and against consumers’ interest.

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