Comcast Submits Rival Bid for Fox
Comcast has submitted a competing bid for the bulk of 21st Century Fox’s TV and studio assets, according to Variety.
The Walt Disney Co. recently submitted a $52.4 billion dollar offer for the company. Comcast’s new bid is valued at around $65 billion, or $35 per share in cash, which Comcast stated represents a premium of around 19 percent to the value of Disney’s all-stock offer.
Disney has a chance to match or top Comcast’s offer. Under the terms of Disney’s proposal, Fox would have to pay $1.52 billion if it pulls out of the agreement for any reason other than a regulatory block to the transaction. Fox has stated that its board of directors recommends stockholders vote for the proposal to sell to Disney.
The winning party would absorb the FX cable networks, 20th Century Fox, various regional sports networks and at 39 percent stake in British broadcaster Sky. Fox is in the middle of a multi-year process to acquire the portion of Sky that it does not own.
In April, Comcast offered $30.7 billion to purchase the whole company.