Comcast Considering Hostile Offer for 21st Century Fox Assets

Rupert Murdoch and Jerry Hall

Rupert Murdoch and Jerry Hall

Comcast Corp.is seeking to raise tens of billions of dollars in financing for a possible new offer for 21st Century Fox entertainment assets that the Walt Disney Co. has agreed to purchase for $52 billion, according to a Reuters report.

In December previous year, Walt Disney signed an agreement to buy the film, television and worldwide businesses of Rupert Murdoch's Twenty-First Century Fox in an all-stock deal worth $52.4 billion, as the USA entertainment giant seeks scale to fight growing competition from digital rivals. Reuters reports that Disney and Fox cited "regulatory hurdles" as reasons to reject the bid from Comcast, even though the companies did not reference Comcast explicitly. That opened the door to Comcast's counteroffer.

There seems to be no shortage of twists and turns in the ongoing battle for 21st Century Fox's assets.

Disney shares fell 1 percent in morning trade in NY, while Comcast's dipped 3.5 percent to $31.25.

Israel Defense Forces Video Shows Fires at Border Clashes
After nearly two minutes, an Israeli army jeep can be seen speeding to the location and the men high-tail it back into the Strip. We will note, today is the sixth of Friday's protest of the Palestinians in the framework of the so-called "March of return".

Control of Sky is seen as a key goal behind Disney's own deal to take control of 21 Century Fox.

Murdoch agreed to sell USA entertainment assets - though not the highly profitable Fox News Channel - to Disney, rejecting a higher offer for those assets from Comcast. But Disney would get 20th Century Fox's movie studio as well as Fox's cable and worldwide broadcasters such as National Geographic, Sky and FX.

And other sources told the publication that Murdoch prefers to be paid in stock rather than cash for Fox assets, because the deal would be non-taxable for shareholders. Comcast shares were down 1.5 percent to $31.90, while Disney shares were down 0.5 percent to $102.00. The Murdoch family also favored owning Disney stock over Comcast stock.

Comcast is considering making a play to break. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.

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