Comcast Attempts to Upend Disney-Fox Deal with Cash Bid

09 May, 2018, 01:27 | Author: Sally Reid
  • The NBC and Comcast logo are displayed on top of 30 Rockefeller Plaza formerly known as the GE building in midtown Manhattan in New York

The owner of NBC and Universal pictures, the media conglomerate Comcast, is seeking funding to outbid the Walt Disney Company by acquiring most of 21st Century Fox's assets, as reported by Reuters and the Wall Street Journal.

The Comcast CEO Brian Roberts would only go through with his effort to wrest 21st Century Fox away from Disney if a federal judge allows AT&T to merge with Time Warner.

June 14 is the deadline for European Union regulators to weigh in on Comcast's pending $31 billion bid to buy out satcaster Sky.

After losing out on their initial bid, Comcast is said to be readying yet another bid for 21st Century Fox that could upend Disney's deal with the company. Investors in Sky expect Fox to return with a higher offer if it can secure approval from Britain's media secretary, who is reviewing that bid.

Further complicating the picture is a £22 billion bid that Comcast has made to acquire a 61% stake in United Kingdom pay-TV company Sky (NYSE, London: SKY). Fox previously rejected Comcast's $60 billion bid back in November due to similar regulatory concerns.

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KitGuru Says: While both buyouts are inherently monopolistic, Disney has the edge with its pre-established world that naturally connects to a variety of Fox's content. They had been up 10 percent this year through Monday's close.

A potential stumbling block in Comcast's latest bid could be Fox Executive Chairman Rupert Murdoch's preference to be paid in stock rather than cash. Any such deal would also see Comcast acquire 100 per cent of Sky.

Comcast's stock has dropped since then, from around $38 to about $32 now, giving the company a market capitalization of $149 billion. Instead, Disney is now planning to acquire Fox's film, television and global businesses.

The Commission has the power to waive through the Comcast's £22 billion bid for Sky, impose conditions, or open a four-month investigation if it has serious concerns about the deal. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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