Is Comcast Challenging Disney for Acquisition of Fox?

Could we see Comcast challenging Disney?! It was confirmed on Wednesday by Comcast Corp. that it was considering and making preparations to submit a “superior” all-cash bid for significant parts of 21st Century Fox.  This would be a direct challenge to the Walt Disney Co.’s $52.4 billion deal for the same businesses. 21st Century Fox is currently controlled by the Murdoch family.

In December, Comcast Corp., which owns NBCUniversal, pulled out of the bidding process just before the deal from Disney was accepted by Fox. The deal between Fox and Disney includes 20th Century Fox movie and TV studio, all the international pay TV properties including its stake in Sky, as well as a number of other assets.

“Comcast Corporation confirms that it is considering, and is in advanced stages of preparing, an offer for the businesses that Fox has agreed to sell to Disney (which do not include the Fox News Channel, Fox Business Network, Fox Broadcasting Company and certain other assets),” it said Wednesday. “Any offer for Fox would be all-cash and at a premium to the value of the current all-share offer from Disney. The structure and terms of any offer by Comcast, including with respect to both the spinoff of ‘New Fox’ and the regulatory risk provisions and the related termination fee, would be at least as favorable to Fox shareholders as the Disney offer.”

Comcast also stated that: “While no final decision has been made, at this point the work to finance the all-cash offer and make the key regulatory filings is well advanced.”

Should Comcast offer a formal bid for Fox, it could lead to a bidding war with Disney. These two mega-industry players have been going head-to-head on a few Fox fronts recently.

Back in December, Comcast’s bid for Fox was higher than Disney’s at $60 billion.  Fox still went with the offer from Disney thanks to concerns regarding Comcast facing more anti-trust issues.  It can be assumed that Comcast’s first public statement on this matter comes amid the  expectation that Fox and Disney would soon unveil details of shareholder votes on their deal, which are believed to take place in July.

In making this public statement Comcast state that “in view of the recent filings with the U.S. Securities and Exchange Commission by The Walt Disney Company and Twenty-First Century Fox Inc. in preparation for their upcoming shareholder meetings to consider the acquisition of Fox by Disney.”

Fox and Disney neglected to issues a statement. Although when asked recently about a potential Comcast bid, executive co-chairman Lachlan Murdoch said “We are committed to our agreement with Disney and are working through the conditions to bring it to a closing. In addition, our directors, though, of course are aware of their fiduciary duties on behalf of all shareholders.”

At this time, a big by Comcast has not been made and the deal between Fox and Disney appears to be moving forward.  Stay tuned to Chip and Co for any updates to this situation.

Source: The Hollywood Reporter

Photo Credit: Disney

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