Comcast prepares to top Disney's $50 bln offer for Fox

Comcast prepares to top Disney's bid for Fox

The corporation says it's "in advanced stages of preparing" an all-cash offer that would would outbid Disney's official all-stock deal for 21st Century Fox.

The largest USA cable operator said it was in advanced stages of readying a bid that would be superior to Disney's all-stock offer.

In December, Comcast's mostly stock bid of $60 billion for a large portion of 21st Century Fox assets was rejected by Fox management, headed by Rupert Murdoch, in favor of a $52 billion all-stock offer from The Walt Disney Company. It would give Disney access to more Marvel superheroes and the studios that produced the Avatar movies, "The Simpsons" and "Modern Family". Fox and Disney also are interested in buying the business.

Last year, the entertainment industry was rocked by the news that Disney made a deal with Fox to buy most of its entertainment assets including many of our favorite movies and TV shows.

The statement added, "The structure and terms of any offer by Comcast, including with respect to both the spin-off of "New Fox" and the regulatory risk provisions and the related termination fee, would be at least as favorable to Fox shareholders as the Disney offer".

Comcast Corp. has announced possible plans to acquire 21st Century Fox.

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The UK's Culture Secretary Matt Hancock, who will rule on whether the Fox takeover of Sky could potentially proceed, said earlier this week that he was "not minded" to refer the Comcast offer to the Competition and Markets Authority (CMA) for deeper scrutiny on public interest grounds.

Comcast's maneuvers to drum up a competing bid for Fox have been reported for months.

Comcast, owner of NBC and Universal Pictures, has also made a 22 billion pound ($30 billion) offer to acquire the 61 percent stake in European pay-TV group Sky Plc that Fox does not already own. Today's Nerdist News is all about the potential threat to the Disney and Fox merger.

"In addition, our directors, though, of course are aware of their fiduciary duties on behalf of all shareholders", he said. There are few other domestic or global companies with the revenues or profits that could meaningfully help Comcast grow through acquisitions, he said. "Entertainment distribution has always been a scale game but it feels like we will enter a new era once these deals are completed", Barton adds.

In its statement, per Deadline, Comcast didn't reveal its price for the bid.

Comcast won approval on Monday from the United Kingdom government to move ahead with the offer for Sky.

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