Economy

Comcast to make $52.4 billion cash bid for Fox

Comcast to make $52.4 billion cash bid for Fox

Comcast Corp. (CMCSA) is seeking $60 billion of new financing in order to make a rival all-cash offer for the media assets that Twenty-First Century Fox Inc.

Further Comcast is only apparently planning to make the formal offer to Fox if the U.S. Justice Department is defeated in court in its challenge of AT&T Inc.'s separate and unrelated bid to purchase Time Warner.

The bid could leading Disney's present of $52 billion. "I can only say, reiterate that we made a deal in December that received unanimous approval, which is important, by the 21st Century Fox board", said Iger.

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Comcast didn't immediately respond to Philadelphia magazine's request for comment.

The deal between Fox and either Disney or Comcast would not include the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, FS1, FS2, or the Big Ten Network.

Comcast successfully convinced USA regulators to let it buy NBCUniversal in 2011 and has since turned that company's film, TV and theme park business into major revenue earners. Fox's 39% stake in the company is one of the reasons the buy-out is so attractive to both Disney and Comcast. Comcast already has a $30 billion bridge loan to finance its Sky offer.

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The owner of NBC and Universal Pictures had previously offered Fox at least 16 per cent more for a chunk of its assets than Disney, though regulatory concerns ultimately led Rupert Murdoch to accept the lower bid. Fox originally denied Comcast's deal as it would likely mean a lot of legal headaches, more so than the Time Warner/AT&T situation.

Via CNBC, Comcast is attempting to secure financing for a $60 billion dollar cash bid for the Fox assets, which could potentially displace Disney's bid.

USA stock benchmarks finished higher on Monday, but well off the peak of the day, as energy shares pulled back following a late-afternoon tweet from President Donald Trump indicated that a decision was imminent on whether the US would decertify a 2015 Iran nuclear pact. A final decision on the takeover, which has attracted antitrust concerns, is expected in June.

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