Comcast made the following statement regarding their plans to outbid Disney for Fox:
In view of the recent filings with the U.S. Securities and Exchange Commission by The Walt Disney Company (“Disney”) and Twenty-First Century Fox, Inc. (“Fox”) in preparation for their upcoming shareholder meetings to consider the acquisition of Fox by Disney, Comcast Corporation (“Comcast”) confirms that it is considering, and is in advanced stages of preparing, an offer for the businesses that Fox has agreed to sell to Disney (which do not include the Fox News Channel, Fox Business Network, Fox Broadcasting Company and certain other assets). Any offer for Fox would be all-cash and at a premium to the value of the current all-share offer from Disney. The structure and terms of any offer by Comcast, including with respect to both the spin-off of “New Fox” and the regulatory risk provisions and the related termination fee, would be at least as favorable to Fox shareholders as the Disney offer. While no final decision has been made, at this point the work to finance the all-cash offer and make the key regulatory filings is well advanced.
What 21st Century Fox is Saying:
Nothing at this time.
What The Walt Disney Company is Saying:
Nothing at this time.
Previously:
21st Century Fox unanimously approved a stock offer from Disney of $52.4 billion plus an assumption of debt. This was after entertaining interest from Comcast who had previously stated that they would not agree to a regulatory termination fee. It appears Comcast has changed their perspective on this as now they say that their offer would include such measures.
Comcast is also current;y outbidding Fox for Sky, the pay TV provider in Europe that 21st Century Fox owns about 30% in.
Upcoming Events:
- June 12: Ruling on AT&T-Time Warner Merger
- June 13: UK Government Gives Final Verdict on Fox-Sky Acquisition
- June 15: UK Government Give Initial Verdict in Comcast-Sky Acquisition