Tuesday, 19 June, 2018

Comcast bid to buy Fox promised to top Disney's

Comcast Preparing Comcast preparing to top Disney's bid for Fox
Preston Stone | 25 May, 2018, 21:41

With Comcast (NASDAQ:CMCSA) confirming today that it's closing in on a cash bid for Fox (FOX, FOXA) media assets, Fox activist investor Chris Hohn says he'll back Comcast's bid over the $52.4B rival offer from Disney (NYSE:DIS). "Any offer for Fox would be all-cash and at a premium to the value of the current all-share offer from Disney".

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.

The Fox and Sky deals would transform Comcast into a global entertainment giant that could compete with Netflix and break out of the USA market with its melting cable-subscriber base.

Those offers included the potential for Sky News to be owned by Disney - bypassing concerns that Rupert Murdoch's family would have too much control over United Kingdom media. But in its most recent earnings call, co-executive chairman Lachlan Murdoch said that "we are committed to our agreement with Disney" and that board members "are aware of their fiduciary duties on behalf of all shareholders".

Comcast said Wednesday that it's in the "advanced stages" of preparing its bid.

Comcast further claims their offer would be "at least as favorable" to Fox's shareholders as Disney's offer.

Comcast's stock was down almost 2 percent in early Wednesday trading at $31.88, near its 52-week low of $30.43.

Disney shares have fallen almost 3.3 percent since, reducing the value of the offer to just over $50 billion.

City's population dipped just under 25000 past year
The South is home to eight of the 15 large cities-those with a population of 50,000 or more-with the fastest growth in 2017. From the peak in 2013, the state's population has dropped 0.4 percent, while the rest of the nation grew by 3.0 percent.

Comcast chief Brian Roberts has laid down the gauntlet to Rupert Murdoch by declaring an audacious bid to disrupt the mogul's exit from global entertainment.

Comcast has separately made a firm offer for the Sky satellite-TV business for $31 billion, taking the total potential deals in Comcast's pipeline to about $90 billion, all in cash.

"It remains to be seen where the shareholders' direction lies once the formal bid is revealed".

Join host and corporate assassin, Jessica Chobot, as she gives us the details on Comcast's spoiler bid to steal Fox right out from under Disney.

The likelihood seems to still favour Disney, as financial experts are slightly bewildered by Comcast's reasons for desiring all the movie and TV IP's.

The deal would also make Disney one of the biggest players in sports television.

There are a lot of movie and TV show properties up for grabs with the 21st Century Fox acquisition. Comcast said at the time that it "never got the level of engagement needed to make a definitive offer". The U.S. Justice Department sued to stop the deal on antitrust grounds, saying that a combination of AT&T and HBO-owner Time Warner would be bad for consumers.

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