Home / Tech News / Comcast bids $65B for Fox assets, setting the stage for a fight with Disney

Comcast bids $65B for Fox assets, setting the stage for a fight with Disney

Comcast made good on its plans to make a proposal for 21st Century Fox’s movie and TV property in the present day, with a money bid of $65 billion, or $35 per share.

That’s 19 p.c greater than the $52.4 billion that Disney agreed to pay in December.

This follows yesterday’s U.S. court docket approval of the merger of AT&T and Time Warner, which was broadly anticipated to steer Comcast to make a brand new bid for Fox and, int he long run, to set the stage for broader consolidation between ISPs and media companies. (That is the place I remind you that TechCrunch is owned by Oath, a digital media subsidiary of Verizon.)

In a letter to Fox executives (particularly Rupert, James and Lachlan Murdoch), Comcast CEO Brian Roberts wrote that after conferences final 12 months, his workforce was satisfied that Comcast could be “the precise strategic residence” for the Fox property, and that “we upset when 21CF determined to enter right into a transaction with The Walt Disney Firm, though we had supplied a meaningfully larger value.”

“In gentle of yesterday’s determination within the AT&T/Time Warner case, the restricted time previous to your shareholders’ assembly, and our robust continued curiosity, we’re happy to current a brand new, all-cash proposal that totally addresses the Board’s acknowledged considerations with our prior proposal,” Roberts mentioned.

This might set off a battle between Comcast and Disney . The property at stake embrace the Fox movie studio (which owns the Avatar franchise, the movie rights to the X-Males and Implausible 4 and the unique Star Wars), its TV studio, its cable networks and its stake in Hulu.

Within the letter, Roberts additionally mentioned a Comcast-Fox acquisition is “as or extra more likely to obtain regulatory approval than the Disney transaction” and that Comcast would reimburse Fox for the $1.5 billion breakup charge with Disney.

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About Alejandro Bonaparte

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