Comcast bids $65 billion for 21st Century Fox assets, topping Disney

“Comcast announced a $65 billion bid for Twenty-First Century Fox units that are currently in an agreement to be acquired by Disney,” Alex Sherman and Liz Moyer report for CNBC. “The bid, announced Wednesday, represents a 19 percent premium to Disney’s offer. Comcast, the parent of CNBC, offered $35 a share in cash.”

“Disney agreed in December to buy the majority of Fox for $52.4 billion in stock,” Sherman and Moyer report. “The deal included Fox’s movie studios, networks National Geographic and FX, Star TV, and stakes in Sky, Endemol Shine Group and Hulu, as well as regional sports networks.”

“The assets would increase Comcast’s international footprint and boost its entertainment portfolio at a time when it’s facing pressure in its video business as more consumers cut the cord and turn to internet-delivered video services like Netflix,” Sherman and Moyer report. “Comcast is planning for an increased bid from Disney that may include a cash component, according to people familiar with the matter.”

“Comcast feels confident of its chances to get a deal passed by U.S. regulators after AT&T’s deal was approved yesterday, according to people familiar with the matter. Comcast is willing to divest Fox’s regional sports networks and even Fox’s portion of Hulu, if necessary, the people said. While Comcast would like to keep the Fox stake in Hulu if possible, and thinks it should be able to, it would consider dropping down closer to 50 percent if necessary, one of the people said. Comcast, Fox and Disney all own 30 percent of Hulu. Time Warner owns the other 10 percent,” Sherman and Moyer report. “Asked about Hulu on the investor call, NBCUniversal CEO Steve Burke said, ‘We think that’s a very important part of this deal,’ adding that Comcast would be interested in investing in and growing the streaming service in the future.”

Read more in the full article here.

MacDailyNews Take: Bidding war!

13 Comments

  1. MDN: you made snarky partisan comments about the net neutrality bill that the prior FCC chairman Wheeler approved. It’s going to be interesting to see how happy you are paying a premium for the Comcast bundle that includes your favorite misinformation organization. Throttling Hannity would be the best thing that could ever happen.

    1. The Fox TV channels and News Corp. are not a part of this deal. They will be spun off from 21st Century Fox and be retained by the Murdochs, no matter whether Comcast/NBC or Disney/ABC wins the bidding war for the production assets.

      The same happened with Time Warner—they sold the cable operations to Charter/Spectrum before selling the production assets that were left to AT&T. Both cases are symptoms of increasing concentration of media assets in increasingly few hands.

      1. Exactly correct TxUser. It appears neither Comcast nor Disney are interested in Faux News.

        According to Moody’s, Comcast is already carrying $175 billion in corporate debt. What’s another $65 billion? Might as well pay a 20% premium for a megamerger since Comcast KNOWS that they now have “so called net neutrality” powers to claw whatever cash they need from customers to cover their debts.

        This new era of capitalism, where profits are all privatized and hidden in tax-free international safe havens but losses and debts are all passed on to taxpayers and abused customers with no other business options, is looking a lot like russian-style oligopoly to me.

        Is America great again yet?

        1. Hey Mike,

          It’s precisely because of far kwits like you that America stopped being great.

          Please go and find Obummer so you can stick your nose up his a-hole where it so deservedly belongs

          Thank you for being a disloyal, dishonorable American far quit.

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