itzel (sluttyroyals) wrote in ohnotheydidnt,

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Comcast Throws in $65 billion bid for 21th Century Fox Assets

  • A few days ago, a US judge approved of a vertical merger between AT&T and Time Warner. While this type of merger is never actually turned down, this lead to speculation that, given the approval itself, this would mean Comcast would throw in a bid to purchase assets from 21st Century Fox (sans it's news and sports programming), as well as outbidding it's competitor, Disney.

  • Today, Comcast has finally thrown in about $65 billion in an effort to outbid Disney, which has only bid about $54.2 billion.

  • Comcast, at the moment, is only bidding in pure cash, whereas Disney has offered it's stock as well as the cash bid. Comcast could also face further scrutiny in this purchase, due to it already owning a cable-distribution operation (NBCUniversal). However, Comcast's CEO has already stated that the company was “highly confident that our proposed transaction will obtain all necessary regulatory approvals in a timely manner and that our transaction is as or more likely to receive regulatory approval than the Disney transaction.”

  • Further, FOX will have to pay a fee of about $1.7 billion should they pull out from it's proposed deal with Disney.

  • This approval will still have to go through the US Department of Justice, though in this administration and given recent events, it's assumed that any antitrust lawyers will be encouraged to look the other way.

  • Disney has within five days to respond to this.


remember when antimerger laws were a thing, ontd?
Tags: 20th century fox, disney

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