Comcast offers USD 65 billion for Fox assets


Comcast announced an offer of USD 65 billion for the assets that Twenty-First Century Fox agreed to sell to Disney for USD 52.4 billion. Comcast’s bid came a day after a federal judge approved the merger of AT&T and Time Warner.
In a letter delivered on Wednesday to Fox’s Board of Directors, Comcast said, “In light of yesterday’s decision in the AT&T/Time Warner case, the limited time prior to your shareholders’ meeting, and our strong continued interest, we are pleased to present a new, all-cash proposal that fully addresses the Board’s stated concerns with our prior proposal”.
The U.S giant also said that they are “highly confident” that the “proposed transaction will obtain all necessary regulatory approvals in a timely manner”.
Comcast include in its offer the same USD 2.5 billion reverse termination fee that Disney already agreed and has offered to reimburse the USD 1.525 billion fee that Disney would have to pay if it doesn’t complete its deal, CNBC reported.
Fox shareholders will vote July 10 on the Disney transaction but the company could postpone the meeting, Fox said in a statement.
Fox assets would increase Comcast’s international footprint and boost its entertainment portfolio. “These are highly strategic and complementary businesses, and we are in our minds the right buyer,” Comcast’s CEO Brian Roberts said on a call with investors, according to CNBC.
The deal between Walt Disney Company and Fox was announced in December 2017 and includes the movie studios, international pay TV businesses, including Latin America, and the stake in Hulu, among others.