Comcast Offers $65 Million to Snatch Fox from Disney
Back in May, Comcast stated it planned to outbid Disney in an attempt to snatch up assets being sold by Fox. This includes things like film and TV studios, movies like X-Men and Deadpool, and even shows such as The Simpsons and The Americans. While it didn’t have a bid back then, the company has been enlightened by yesterday’s ruling that AT&T can pursue its acquisition of Time Warner, so much so that it’s offering $65 million in cash to obtain Fox’s branches.
Comcast CEO Brian Roberts sent a letter to the 21st Century Fox board of directors to present his company’s offer of $35.00 per share in cash. “We have reviewed the publicly available terms of the proposed Disney transaction, as well as the joint proxy statement/prospectus filed with the SEC describing the reasons for the 21CF Board of Directors’ decision,” the letter reads in part. “In light of yesterday’s decision in the AT&T/Time Warner case, the limited time prior to [Comcast’s] 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.”
Considering Comcast and Fox have had talks about acquiring assets in the past, it isn’t clear how much luck the Philadelphia-based corporation has in this case. Fox has been pretty dead set on letting Disney buy out their various branches which include 20th Century Fox, 20th Century Fox Television, Fox-owned television networks, and even a 30 percent stake in Hulu. And now that they have regulatory approval to go through with the transaction, only time will tell as to whether Comcast even stands a chance.
As always, we’ll keep you posted with the latest developments.