Comcast prepares cash bid for 21st Century Fox

10 May, 2018, 00:31 | Author: Rafael Roberts
  • Comcast only plans to proceed with the bid if a federal judge allows AT&T's planned $85 billion acquisition of Time Warner to proceed. Matt Rourke  AP

Comcast is in talks with investment banks to set up an all-cash bid for 21st Century Fox film and TV businesses.

The Burbank entertainment giant subsequently announced a reorganization that positioned two executives as possible successors to Iger: Kevin Mayer, the newly appointed head of the direct-to-consumer business, and Bob Chapek, head of parks and consumer products.

In recent weeks James Murdoch has begun to tell associates that he isn't going to Disney, according to people familiar with the matter.

Murdoch will likely run his own venture, as he did before he joined the family business in 2000.

If the companies are successful and their deal survives, Comcast would be emboldened to pursue the Fox assets, the people said.

A Disney spokeswoman couldn't immediately be reached to comment. "Picking businesses, mentoring business, and running businesses is what he does".

In December, 21st Century Fox agreed to sell to Disney a large package of assets...

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Iger spoke with CNBC ahead of the Disney's Quarter 2 earnings call for 2018, when he said he's confident that the company will close the deal for 20th Century Fox and many other properties.

The takeover drama may not be over.

Comcast hasn't yet decided whether to proceed with a hostile bid.

Late Monday, Reuters reported that Comcast was lining up financing to make an all-cash bid for Fox's vaunted TV and movie studio, FX, National Geographic channels, almost two dozen regional sports networks and control of the online streaming service Hulu.

That being said, should the Time Warner and AT&T amalgamation pass, pending government approval, of course, in addition to 21st Century Fox, Comcast would also acquire United Kingdom satellite TV provider Sky - which would see the global telecommunications conglomerate's bid reach the $100B mark.

If a sale of the Fox entertainment assets goes through, Lachlan Murdoch would oversee the assets Fox isn't selling-including the Fox broadcast network, Fox News cable channel and Fox Sports 1.

21st Century Fox and Wall Street Journal-parent News Corp share common ownership. The 21st Century Fox deal is their latest battleground.



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