Markets

Comcast Confirms Bid For Fox Businesses

Comcast Confirms Bid For Fox Businesses

However, it said it "confirms that it is considering, and is in advanced stages of preparing, an offer for the businesses that Fox has agreed to sell to Disney".

The largest US cable operator said it was in advanced stages of readying a bid that would be superior to Disney's all-stock offer.

Mr Murdoch's entertainment empire, 21st Century Fox, previous year agreed to sell its film and television studios, its pay-TV operations including its stake in Sky, and a clutch of other assets, to Disney.

"A content company such as Disney is probably better at understanding the content Fox has, but Comcast is keen to expand globally and wants Fox's assets for that", he said. Whilst much of the attention was on Disney getting access to Marvel characters it now doesn't have the screen rights too, for The Mouse, the bigger fish is Fox's share of Hulu, and Sky Television. Many at the time also started debating whether Comcast would follow up its Sky offer with a bid for the other Fox assets that Disney is buying.

The cable giant said that while no final decision has been made, work to finance the offer and preparation to file key regulatory statements is "well advanced".

The statement added, "The structure and terms of any offer by Comcast, including with respect to both the spin-off of "New Fox" and the regulatory risk provisions and the related termination fee, would be at least as favorable to Fox shareholders as the Disney offer".

Early Wednesday morning trading saw Fox's stock up 1% to $38.55; Comcast was down 1.7% to $31.96, while Disney slipped 1.4% to $102.60.

Comcast Preparing
Comcast says it's considering an all-cash offer for 21st Century Fox that outbids Disney

Comcast backed off of its attempts to purchase Fox in December, just before Disney made its $52.4 billion offer.

Like Disney and Fox, Comcast is part owner of the streaming-TV service Hulu. For now, Comcast strictly seems interested in the company's entertainment division. Separately, Comcast received preliminary consideration from a United Kingdom government official to pursue an effort to buy Sky for $31 billion.

"It remains to be seen where the shareholders' direction lies once the formal bid is revealed. Rivalry can frequently drive prices to un-economic levels", said Jeffrey Logsdon, an analyst with JBL Advisors, referring to the potential bidding war for Fox.

The deal would also make Disney one of the biggest players in sports television. Fox has a 39 percent stake in that company and has been trying to buy outright, but its bid has been blocked by regulators.

"If Comcast formalizes a superior all-cash offer, we would support that offer over the current Disney offer", TCI founder Christopher Hohn said in the letter.

Another pending deal that would join telecom and broadband giant AT&T with media-entertainment group Time Warner is being challenged by the US Justice Department in an antitrust suit.

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