Comcast Attempts to Outbid Disney For Fox

AT&T-Time Warner Merger Gets The Green Light From Federal Court

AT&T-Time Warner Merger Gets The Green Light From Federal Court

Wall Street analysts are expecting the bidding war for 21st Century Fox to heat up following today's regulatory approval of AT&T's acquisition of Time Warner.

Comcast (CMCSA) launched a takeover bid for 21st Century Fox Entertainment (FOXA) on Wednesday, offering $65 billion in cash for Rupert Murdoch's entertainment company and at a 19% premium over Walt Disney's (DIS) offer.

Craig Moffett, an analyst with MoffettNathanson, said Judge Leon's opinion will be seen as a green light for Comcast to bid for Rupert Murdoch's Fox, but tipped Disney as the potential victor in a bidding war. Disney previously made a $52.4bn all-stock offer to Fox, which was accepted in December. "We are in our minds the right buyer with the superior proposal and as much or better certainty and commitments and safeguards for Fox and the Fox board that are the same as those provided by Disney". Fox will spin off the Fox Broadcasting network and local stations, Fox News, Fox Business Network, FS1, FS2 and Big Ten Network into a new company, called New Fox. For example, Comcast is reportedly eager to gobble up some of 21st Century Fox's assets.

Roberts described the bid as inevitable following a federal court's decision yesterday to allow AT&T to purchase Time Warner Inc. for $85.4 billion.

Comcast also offered a $2.5 billion reverse termination fee if the deal did not go through, the same as Disney.

Apple Prohibits Crypto Mining in Apps with New Guidelines
Apple is also cutting down on third-party apps providing crypto transactions on approved exchanges. Unfortunately, none of those things will be used to mine cryptocurrency .

The move follows a previous bid being rebuffed a year ago. (Again, AT&T's recent success seems to indicate that the government is fine with these huge acquisitions, so that may not be a factor.) Should Fox choose Comcast over Disney, Comcast will also pay Fox a $1.525 billion break-up fee that Fox would have to pay to Disney for backing out of their previous agreement.

The Trump administration had opposed the merger, which promises to join one of the country's biggest telecom providers with a media powerhouse that owns the Warner Bros. movie studio and DC Comics as well as the cable-TV networks CNN, HBO, TBS and TNT. It has been reported though that Fox execs are still leaning towards Disney and have asked their shareholders to do the same.

Comcast said its proposal is "at least as favourable" to shareholders as Disney's plan.

AT&T and Time Warner together are some of the largest buyers of advertising around the globe, spending billions of dollars to market their products. Disney and Fox did not immediately respond to a request for comment.

Fox in a statement said it had received the proposal and would review it. Roberts said in his letter that a merger with Comcast has just as good of a chance of getting regulatory approval. According to Variety, Comcast has offered to reimburse Fox for that penalty if they accept their offer.

Recommended News

  • Rafael Nadal claims record-extending 11th French Open crown

    Rafael Nadal claims record-extending 11th French Open crown

    Ruthless Nadal proved far too good for Kevin Anderson as he claimed a 16th Grand Slam title at the US Open. Nadal celebrated in relatively low key fashion, but then there is not much novelty value in this.
    Google Pixel 3, Pixel 3 XL to launch in October this year

    Google Pixel 3, Pixel 3 XL to launch in October this year

    Google isn't expected to unveil its new Pixel 3 and Pixel 3 XL flagship phones until the late summer or early fall. It's said that the Pixel 3 will have a design similar to the Pixel 2, meaning no edge-to-edge display.
    Andrew Lincoln To Exit The Walking Dead In Season 9

    Andrew Lincoln To Exit The Walking Dead In Season 9

    Rick Grimes is a central character in The Walking Dead universe, for both the TV series and the comic books on which it is based. Andrew previously spoke about leaving the show, hinting that he was well up for giving fans an end to Rick's story.
  • Warriors expect Andre Iguodala to play in Game 3

    Warriors expect Andre Iguodala to play in Game 3

    Golden State's Kevin Durant said. "Teams progress to playoffs and finals and deeper into a tournament, we get more exposure". And if James wants to come to Boston, you better believe Danny Ainge will find a way to make it happen.
    Korean official's United States  visit reminiscent of 2000 diplomacy

    Korean official's United States visit reminiscent of 2000 diplomacy

    Now his travel restrictions seem to have been further relaxed amid efforts to organise the Kim-Trump Summit in Singapore. At the same time, a "pre-advance" U.S. team was traveling to Singapore to meet North Koreans, the White House said.

    Trump to remove tariff exemption from EU, Canada, Mexico

    Ben Sasse, R-Neb. "We've been down this road before-blanket protectionism is a big part of why America had a Great Depression". However, Economy Minister Peter Altmaier appeared with Le Maire in Paris on Wednesday, pledging a unified line.
  • Trump lashes out at United States  allies in Twitter rant

    Trump lashes out at United States allies in Twitter rant

    Trump called Trudeau "dishonest & weak" after Trudeau said at a news conference that Canada would retaliate for new US tariffs. Navarro said Trump "did the courtesy to Justin Trudeau to travel up to Quebec for that summit".
    Abe promises Trump new Japanese investment in U.S.

    Abe promises Trump new Japanese investment in U.S.

    Abe has also said he will urge Trump to raise the issue of Japanese abductees held in North Korea during his discussions with Kim. "I don't think I have to prepare very much", Trump said . "All I can say is I am totally prepared to walk away".
    Saudi Arabia issues first driving licences to women

    Saudi Arabia issues first driving licences to women

    Driving schools are also being set up across the kingdom with some female instructors who learned to drive in other countries. While Saudi law has never explicitly banned women from driving, women were not issued driving licences.
  • Cristiano Ronaldo content now he's in complete World Cup mode

    Cristiano Ronaldo content now he's in complete World Cup mode

    Ronaldo has been at Madrid since 2009 when he joined from Manchester United for what was a world-record fee of £80million. I am evolving as a footballer, learning and we will see in what position I play in the future'.
    Worldwide  friendly match report England v Nigeria 02 June 2018

    Worldwide friendly match report England v Nigeria 02 June 2018

    If you look at the Federation Internationale de Football Association ranking, you will see there are teams who are better than us. Two first-half goals was all England needed to walk away 2-1 winners over Nigeria in an global friendly on Saturday.
    How To Celebrate National Donut Day

    How To Celebrate National Donut Day

    Tim Horton's has your chance to win free doughnuts for a year! The deal is good at participating locations . Duffy's Sports Grill: Free order of Red Velvet Mini Donuts per table at Miami Beach and Kendall locations .

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.