Comcast renews bid for Fox, makes a USD65 billion all-cash offer
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14 Jun – Three weeks ago, Comcast announced that it was preparing a bid for most of Fox's assets, calling it "superior" to Disney's offer, which stands at USD52.4 billion.
Now Comcast has announced the figure of its all-cash offer, AdWeek reports, and the global telecommunications conglomerate is ready to hand over a cool USD65 billion.
"After our meetings last year, we came away convinced that the 21CF businesses to be sold are highly complementary to ours, and that our company would be the right strategic home for them," Comcast CEO Brian Roberts stated in a letter to the Fox board of directors.
"In light of yesterday's decision in the AT&T/Time Warner case, the limited time prior to your shareholders' meeting, and our strong continued interest, we are pleased to present a new, all-cash proposal that fully addresses the Board's stated concerns with our prior proposal."
Roberts refers to the case of AT&T's recent acquisition of Time Warner for USD85 billion.
Comcast's offer to Fox shareholders includes USD35 per share in cash and 100 percent of New Fox's shares after its proposed spinoff.
It provides "superior and more certain value as compared to Disney's all-stock offer," Roberts stated.
This isn't Comcast's first attempt at acquiring 21st Century Fox. Last fall, Comcast has been in talks with Fox before the negotiations fell through due to regulatory concerns and Disney announced in December that it would acquire most of Fox's assets.
Should the current deal fall apart due to regulatory issues, Roberts stated that Comcast would match Disney's USD2.5 billion breakup fee.
Fox shareholders have originally scheduled to vote on the Disney deal on 10 July but it could now be postponed to a later date due to Comcast's new bid.
Currently, Comcast has control over NBC, Universal Pictures, Illumination Entertainment, Dreamworks Animation, and Universal Studios. After AT&T, it also boasts the second-largest pay-TV company, largest cable TV company and largest home internet service provider in the US.
