Magazine article Screen International

Comcast Makes $65Bn Bid for Fox

Magazine article Screen International

Comcast Makes $65Bn Bid for Fox

Article excerpt

If accepted, offer would give telecom giant control of Hulu.

Telecom giant Comcast has submitted a $65bn all-cash bid for the entertainment assets of 21st Century Fox that equates to a 19% premium over Disney’s earlier $52.4bn all-stock offer.

Comcast returned to the table after it appeared to drop out of the running for a slice of Rupert Murdoch’s (pictured) empire last December shortly before Fox accepted Disney’s offer.

The conglomerate is understood to have initially offered around $60bn, however Murdoch and his lieutenants are understood to have harboured anti-trust concerns given Comcast’s ownership of NBCUniversal.

Comcast said in late May it was preparing a higher offer than Disney and acted with renewed vigour following yesterday’s ruling by a US federal judge approving AT&T’s proposed $85.4bn takeover of Time Warner.

Comcast CEO Brian Roberts noted in a letter to Murdoch and his sons Lachlan and James that Comcast’s offer was 19% higher than that of Disney. If accepted, the latest bid would give Comcast control of streaming service Hulu and place it in direct competition with Disney for ownership of Sky in the UK.

In the letter, Roberts said, ”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. …

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