Comcast bids for Murdoch's Fox assets in Disney challenge

Comcast bids for Murdoch's Fox assets in Disney challenge

Whoever wins the bid, should it be accepted by both companies, will acquire much of Fox's film and TV assets, as well as its global holdings (including stakes in UK's Sky and in Star India) and its stake in Hulu. As reported by CNBC, the global telecommunications conglomerate was willing to offer $60B in cash for the Rupert Murdoch-founded company.

Roberts said he had been "disappointed" that Fox had entered into negotiations with Disney but was "highly confident" that his new offer would be approved by regulators.

The Fox board was scheduled to vote on whether or not to accept the Disney deal on July 10, so we may be in for a flurry of new bids over the next few weeks.

The combined company posted almost $192 billion in sales past year, and is worth roughly $282 billion on the stock market.

U.S. cable giant Comcast has launched a $65bn cash bid for 21st Century Fox's entertainment businesses, setting up a battle with Disney which has offered $52bn in stock.

Culture Secretary Matt Hancock said Fox's proposal to divest Sky News to Disney - or any other suitable buyer - is likely to be the most effective way to tackle any public interest concerns.

Some were surprised that the judge ruled in AT&T's favor without conditions.

Analysts say the decision will bolster firms such as Comcast - which is considering bidding for 21st Century Fox assets, including its stake in Sky, in a challenge to a deal announced between Fox and Disney past year. "They know what the government is concerned about", he said.

Disney itself has "surgically" structured a transaction that "might be doable", avoiding Fox Broadcasting and big Fox sports channels, USA antitrust chief Makan Delrahim said last week.

US Senate seeks to restore ZTE penalties
The case has become highly politicized and a key focus of bargaining talks as Washington and Beijing look to avert a trade war. In Shenzhen , the firm's shares were down 10% in early trade, which is the maximum allowed on the mainland.

The company on Wednesday formalized a $65 billion all-cash bid for most of Fox.

That transaction, described by the two companies as a merger, was set to give Fox shareholders a roughly 25% stake in Disney.

The case served as a litmus test for other media consolidation and has implications for corporations like Comcast, Disney, and 21st Century Fox. The question is will Disney's board and management go to the mat on this transaction?

AT&T announced plans to acquire Time Warner on October 22, 2016.

Comcast if successful would be able to expand beyond USA borders to new markets in Europe and India. With the judge's ruling, AT&T is now clear to take ownership of HBO, Turner Networks-home to CNN, TNT and TBS-as well as Warner Bros.

"Compare today to the 50s or 60s when we had three television stations and you had one AT&T that was, then, protected by government monopoly", Crews said.

The reordering of the media landscape comes as cable, telecoms and media companies scramble to compete with tech companies including Amazon, Apple and Netflix, which are spending billions to develop their own empires.

AT&T Inc won approval from a United States court on Tuesday to buy Time Warner Inc for $85 billion, without conditions, allowing AT&T to compete with internet companies that dominate digital advertising and providing new sources of revenue.

Related Articles