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Comcast Makes $65 Billion Offer to Buy 21st Century Fox

June 13, 2018 | Posted by Jeremy Thomas
Comcast Fox

Comcast has made an offer to buy 21st Century Fox in competition with Disney’s deal that is currently on the table. Deadline reports that the madeia company made an all-cash offer for $65 billion, above Disney’s $52.4 billion all-stock bid. Comcast’s bid is a $35 per share offer and was expected to come after a judge approved the $85 billion merger between AT&T and Time Warner despite the Justice Department’s effort to block the deal.

Comcast’s offer is expected to be matched by Disney, with a potential bidding war to follow. Disney announced its plan to purchase Fox, including including the 20th Century Fox Film and Television studios, along with cable and international TV businesses, in mid-December. Fox shareholders were expected to officially consider the Disney merger agreement next month.

Comcast’s offer comes after Fox went with Disney despite a much higher bid in the low $60 billion range. The initial offer was terminated due to concerns about antitrust regulations blocking it. Comcast’s new deal offered to match $2.5 billion breakup fee should the deal fall apart due to regulatory issues, and offered to reimburse Fox for the $1.5 billion break-up fee it would pay Disney for walking away from the deal.

A big part of the Disney deal’s appeal is that it will make the Murdoch family influential Disney shareholders. 21st Century Fox Chief Executive could end up in a high position at Disney if the deal is completed. This new offer puts that situation in flux and promises to put Comcast and Disney at odds as they try and maneuver against each other for Fox’s assets.

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