Fox stock jumps after report that Comcast is preparing to battle Disney for megadeal
09 May, 2018, 01:00
The bid by the Philadelphia company would be $8 billion more than Disney'soffer of $52 billion.
In addition, Comcast is racing to get speedy regulatory approval in the United Kingdom for their bid for Sky.
He also pointed to the huge increase in Comcast's debt the acquisition of both Fox and British pay-TV group Sky for nearly $100 billion in total would generate.
According to the outlet, Comcast Corp is "asking investment banks to increase a bridge financing facility by as much as $60 billion" so they can make a cash offer to acquire the 21st Century Fox media assets they agreed to sell to Disney.
Comcast offered to acquire Fox's assets in an all-stock deal worth $64 billion, but likely for fear of anti-trust roadblocks, Fox went with Disney.
If Comcast struck a deal with Fox, the telecomm giant would hit a media jackpot, acquiring Fox's film, television and worldwide businesses, giving the company a hefty portfolio to rival rising platforms like Netflix.
Comcast is not taking the Disney-21st Century Fox merger lying down.
Comcast's bid on Fox's properties is dependant on the ruling of the U.S. Department of Justice's challenge regarding AT&T's attempt to acquire Time Warner Inc as Fox rejected Comcast's bid a year ago due to antitrust concerns. That opened the door to Comcast's counteroffer. Disney (dis) and Fox alluded to regulatory complexities associated with a potential Comcast buy-out in explaining why Disney's lower offer was accepted.
Comcast has already made a formal unsolicited $31 billion offer in Europe for Sky satellite-TV business, which is partly controlled by Murdoch.
Disney shares fell 1 percent in morning trade in NY, while Comcast's dipped 3.5 percent to $31.25. He also believes that Murdoch covets the opportunity to become a major Disney shareholder.
Shares of Fox were last up 2.2 percent at $38.86. This article is strictly for informational purposes only.
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