Comcast formalises $65BN bid for Fox | Major Businesses | Business | News | Rapid TV News
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A day after the AT&T-Time Warner merger was set on a path of almost inevitably going through, US cable giant Comcast formalised its $65BN Disney-topping cash bid for most of the media assets of Twenty-First Century Fox.
comcast 27feb2018

The tender, which was not unexpected will likely set up a bidding war with Walt Disney Co, which already has a $52 billion all-stock deal with Fox on the table. Fox has agreed to sell everything except its US TV holdings, which include cable networks Fox News, Fox Business and Fox Sports; the nationwide FOX broadcast network; the TV stations group; and other sports networks, including FS1, FS2, Fox Deportes and Big Ten Network.

Comcast made its Hart-Scott-Rodino filing to start regulatory review at the US Justice Dept, with an eye to having its deal reviewable in the same cycle as Disney's deal.

Comcast chief Brian Roberts also said he'll match the $2.5 billion break-up fee from the Disney deal, and also offered to reimburse a $1.525 billion breakup fee due from Disney in the "highly unlikely" scenario that the deal doesn't get regulatory approvals.

Fox’s largest shareholder, Rupert Murdoch, would be hit with a multi-billion–dollar capital gains tax bill if he accepted an all-cash offer according to the Reuters news agency, which may put a dampener on Comcast’s hopes.