Recently it was announced that FOX and Disney have come to a deal to sell most of FOX to Disney. Now that deal is not done and Comcast had previously tried to buy Fox. Now it looks like Comcast is once again planning to make an all-cash offer to buy select 21st Century Fox assets before Disney can close their deal.
“In view of the recent filings with the U.S. Securities and Exchange Commission by The Walt Disney Company and 21st Century Fox, Inc. in preparation for their upcoming shareholder meetings to consider the acquisition of Fox by Disney, Comcast Corporation 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),” reads a Comcast statement released Wednesday morning.
“Any offer for Fox would be all-cash and at a premium to the value of the current all-share offer from Disney,” Comcast added. “The structure and terms of any offer by Comcast, including with respect to both the spinoff 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.”
Back in December Comcast tried to buy FOX but made a mostly stock offer after Comcast secured a $60 billion bridge loan from creditors to help close the deal. Now Comcast says this will be a mostly cash-deal that may make FOX think twice about their Disney deal. For now, we will have to wait and see what happens next but it looks like the Disney deal is far from a done.
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