Comcast Considering Hostile Offer for 21st Century Fox Assets

Comcast Considering Hostile Offer for 21st Century Fox Assets

Comcast Considering Hostile Offer for 21st Century Fox Assets

USA cable operator Comcast Corp has approached investment banks to increase a bridge financing facility by $60 billion to table a rival cash bid for the media assets that Twenty-First Century Fox Inc plans to sell to Walt Disney Co for $52 billion. Thus reenter into the picture Comcast.

Reports suggest that USA media giant Comcast is planning an all-cash bid of $60 billion (€50bn) for most of 21st Century Fox's assets, dependent on whether the United States administration approves AT&T's acquisition of Time Warner. Quizzed on what would happen to the Sky bid in the event of a renewed bid for Fox, his only comment was that "there's not much to say on that question, unfortunately".

Though Comcast was initially rejected in its bid for 21st Century Fox's assets, the company remains persistent and steadfast in its quest to obtain Fox.

The exact value of Comcast's new bid for the Fox assets is not yet clear, although the $60 billion in new financing indicates it is seeking significant firepower to outbid Disney. Apparently up to the tune of $60 billion.

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Both companies have an eye on the proposed takeover of Time Warner by AT&T that the telco is determined to move forward, despite opposition from the Trump administration. The fate of the deal, which has been scrutinized over anti-trust concerns, will be decided in June by U.S. District Court Judge Richard Leon.

Disney CEO Bob Iger once called Sky the "crown jewel" of the transaction. Crucially, Fox's 30% stake in Hulu is part of the deal. Rather various reports from last year suggest Murdoch wants to get out of the media production industry as he views a consolidation of resources imminent over the next 20 years in the industry due to streaming and on-demand culture.

Comcast rival Verizon is also reportedly interested in buying Fox, so a deal certainly won't come easily for any party.

A major battle of media titans is brewing with reports Monday that Comcast may be working up a deal to push Disney out of the running to buy 21st Century Fox assets. But the largest bid is still the most likely to walk away with the film and TV properties controlled by Fox.

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