Disney CEO Bob Iger Responds to Comcast's Potential Bid for Fox Assets


Disney CEO Bob Iger Responds to Comcast's Potential Bid for Fox Assets

According to Reuters, Comcast is now talking to several investment banks to prepare a $60 billion cash bid for 21st Century Fox.

Comcast is waiting to make a formal offer until they see how the judge rules in the case regarding AT&T's pending acquisition of Time Warner. Fox's bid has faced regulatory hurdles in the United Kingdom because of fears that it would give the Murdoch family too much control over British media.

Under the deal, Disney will also acquire FX Networks, National Geographic Partners, Fox Sports Regional Networks, Fox Networks Group International, Star India and Fox's interests in Hulu, Sky plc, Tata Sky and Endemol Shine Group.

Comcast didn't immediately respond to Philadelphia magazine's request for comment.

As Reuters explains, Comcast exhausted to buy Fox a year ago but the deal never went through reportedly due in part to antitrust concerns.

Disney in December had offered to buy film, television and worldwide businesses from Fox for $52.4 billion in stock to beef up its offering against streaming rivals Netflix Inc and Amazon.com Inc.

Comcast wants to spoil Rupert Murdoch's attempt to buy 61 per cent of Sky, which would give control of the entire Sky operation.

According to CNBC, Comcast is now in talks with banks to make an all-cash offer for 21st Century Fox that would essentially upend Disney's current deal with the studio. With Brian Roberts already making a bid for Sky News, Comcast is now reportedly in talks with banks to make an all-cash offer that would throw a wrench in Disney's acquisition plans. Iger is astutely preserving Disney's balance sheet, while Comcast is going all in on the debt option, the way most other dealmakers are lately.

Last December, Disney announced they would acquire Fox's film, television and global businesses in an attempt to combat the growing threat of streaming giants Netflix and Amazon. The antitrust trial wrapped up April 30, and a ruling is expected June 12.



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